Seiko Electric Co., Ltd. (TSE: 6653), a Fukuoka-based maker of electrical equipment — power distribution and control systems, plus energy and IoT solutions — reported consolidated first-quarter results for FY12/2026 (the three months from January to March 2026) under Japanese GAAP. Revenue rose 12.6% year-on-year to ¥9,574 million from ¥8,504 million, while operating profit climbed 16.3% to ¥1,280 million from ¥1,101 million. Ordinary profit advanced 25.4% to ¥1,456 million from ¥1,162 million, net profit attributable to owners of the parent jumped 41.6% to ¥1,057 million from ¥746 million, and basic EPS came in at ¥78.16 versus ¥55.31. Comprehensive income surged 176.6% to ¥1,514 million.
Profit growth outpaces a double-digit revenue gain
The quarter's standout feature was that profit grew even faster than the healthy 12.6% top-line gain at every line. Operating profit rose 16.3%, ordinary profit 25.4%, and net profit 41.6% — a widening cascade that points to strong operating leverage and favorable non-operating items at the company's power-distribution and control-equipment operations. As a supplier of energy and IoT systems, Seiko Electric benefits from steady demand for grid and industrial electrical infrastructure, and the sharp net-profit gain lifted basic EPS to ¥78.16 from ¥55.31 a year earlier.
Balance sheet strengthens, equity ratio rises to 53.1%
Seiko Electric finished the quarter with total assets of ¥36,257 million and net assets of ¥19,265 million, lifting the equity ratio to 53.1% from 52.1% a year earlier. The improvement underscores a conservatively financed balance sheet that gives the company flexibility to fund investment and sustain higher shareholder returns. Comprehensive income of ¥1,514 million — up 176.6% — further reinforced the equity base over the period.
Annual dividend raised to ¥55.00
Reflecting the stronger earnings, management raised the FY12/2026 annual dividend forecast to ¥55.00 per share — ¥27.50 interim plus ¥27.50 year-end — up from ¥50.00 the prior year, a 10.0% increase. The higher payout signals confidence in the company's earnings trajectory and cash generation as it heads into the rest of the year.
Full-year guidance points to ~15% growth
For the full FY12/2026 year, management guides for revenue of ¥36,000 million (+14.7%) and operating profit of ¥3,000 million (+14.7%), with ordinary profit of ¥3,400 million (+8.8%) and net profit attributable to owners of ¥2,300 million (+12.9%), implying EPS of ¥170.05. With first-quarter net profit of ¥1,057 million already representing nearly half of the full-year net target, and the equity ratio improving to 53.1%, the company enters the balance of the year from a position of solid financial and operational momentum.
| Metric | Q1 FY12/2026 | Q1 FY12/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 9,574 | 8,504 | +12.6% |
| Operating profit (¥M) | 1,280 | 1,101 | +16.3% |
| Ordinary profit (¥M) | 1,456 | 1,162 | +25.4% |
| Net profit attrib. to owners (¥M) | 1,057 | 746 | +41.6% |
| Basic EPS (¥) | 78.16 | 55.31 | +41.3% |
| Equity ratio | 53.1% | 52.1% | +1.0pp |
| Annual dividend (¥, forecast) | 55.00 | 50.00 | +10.0% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.