TDK Corp., an electronic products manufacturer, announced a 30.8% increase in its third-quarter net profit attributable to the parent company owners, reaching 65.30 billion Japanses yen compared to last year's 49.92 billion yen.
The earnings per share also jumped from last year's 131.42 yen to 171.88 yen. The company experienced a 2.7% growth in operating profit, rounding up to 70.20 billion yen from the previous year's 68.37 billion yen. However, the net sales for the quarter decreased by 4.7% ending at 559.25 billion yen from the former 586.97 billion yen.
Looking forward to fiscal 2024, TDK Corp. anticipates a net profit attributable to parent company owners of 120 billion yen, a noticeable increase from the earlier estimate of 105 billion yen, equating to a 5.1% rise from last year. The company is also projecting an increase in operating profit which is now anticipated to reach 170 billion yen, a surge from the initial estimate of 150 billion yen. This constitutes a 1.7% increase from the preceding year.
However, the net sales are projected to dwindle to 2.09 trillion yen from the earlier estimate of 1.97 trillion yen, indicating a 4.2% decrease compared to last year's 2.18 trillion yen.
In the fiscal year 2024, TDK Corp. forecasts an end-year dividend of 58 yen per share, surpassing last year's 53 yen per share. The annual dividend is expected to be 116 yen per share, a rise from the previous year's 106 yen.
TDK Corp's shares concluded Wednesday's trading in Japan at 7,442 yen, marking a 1.79% increase.
