Furuno Electric Co., Ltd. (TSE: 6814), the world's leading maker of marine electronics — radar, fish finders, sonar and GPS/navigation systems — reported consolidated first-quarter results for the three months ended May 31, 2026 (Q1 of the fiscal year ending February 28, 2027) under Japanese GAAP. Revenue rose 21.8% year-on-year to ¥38,115 million from ¥31,296 million, while operating profit surged 65.3% to ¥5,681 million from ¥3,438 million. Ordinary profit climbed 61.7% to ¥6,334 million, and net profit attributable to owners of the parent rose 38.2% to ¥4,881 million from ¥3,531 million. Basic earnings per share came in at ¥154.44 versus ¥111.75 a year earlier, and comprehensive income nearly doubled, up 93.4% to ¥5,245 million.
Marine electronics and a weaker yen power the beat
The quarter's outperformance was led by the core marine-electronics business, where sales jumped roughly 22% on firm global demand for navigation, radar and fish-finding equipment. A weaker yen amplified the gain, lifting the value of overseas sales and widening margins. The combination pushed the operating margin up to 14.9% from 11.0% a year earlier, as revenue growth outpaced cost increases and the profit flow-through from higher-value electronics products proved especially strong in the opening quarter.
Balance sheet solid, equity ratio above 64%
Total assets edged up to ¥142,956 million at quarter-end from ¥141,364 million at the close of the prior fiscal year, while net assets stood at ¥92,309 million. Shareholders' equity was ¥91,844 million, leaving the equity ratio at a robust 64.2%. Book value per share rose to ¥2,905.66, underscoring a conservatively financed balance sheet that gives management ample flexibility heading into the rest of the year.
Dividend held at ¥160 for the full year
Furuno kept its full-year dividend forecast unchanged at ¥160.00 per share, split as an ¥80.00 interim payout and an ¥80.00 year-end payout. That matches the ¥160.00 paid in the prior year, which had been structured as ¥75.00 interim plus ¥85.00 year-end. The stable payout signals confidence in the underlying business even as the company frames a cautious profit outlook for the year as a whole.
Full-year guidance deliberately conservative
Despite the strong start, management held to a measured outlook. For the first half (cumulative), Furuno guides revenue of ¥76,000 million (+10.7%), operating profit of ¥10,000 million (+7.5%), ordinary profit of ¥10,000 million (−1.7%) and net profit of ¥8,000 million (−21.5%), with EPS of ¥253.09. For the full year, it guides revenue of ¥148,500 million (+5.6%) and operating profit of ¥17,000 million (+4.6%), but ordinary profit of ¥17,000 million (−7.1%) and net profit of ¥13,000 million (−22.3%), with EPS of ¥411.28. The guided profit declines at the ordinary and net levels reflect large prior-year non-operating and foreign-exchange gains that are not assumed to repeat, plus a more cautious view of the second half — a marked contrast to the buoyant Q1 just reported.
| Metric | Q1 FY2/2027 | Q1 FY2/2026 | YoY |
|---|---|---|---|
| Revenue | 38,115 | 31,296 | +21.8% |
| Operating profit | 5,681 | 3,438 | +65.3% |
| Ordinary profit | 6,334 | 3,918 | +61.7% |
| Net profit attrib. to owners | 4,881 | 3,531 | +38.2% |
| Comprehensive income | 5,245 | 2,712 | +93.4% |
| Basic EPS (¥) | 154.44 | 111.75 | +38.2% |
| Operating margin | 14.9% | 11.0% | +3.9pp |
| Annual dividend forecast (¥) | 160.00 | 160.00 | Unchanged |
| FY2/2027 revenue guidance | 148,500 | — | +5.6% |
| FY2/2027 operating profit guidance | 17,000 | — | +4.6% |
| FY2/2027 net profit guidance | 13,000 | — | -22.3% |
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.