Furuno Electric: 27/2 Q1 results: Operating profits up over 60% Quick Note

Research evidence excerpt

Furuno Electric: 27/2 Q1 results: Operating profits up over 60% Quick Note

Global Markets Research

10 July 2026Furuno Electric

6814.T 6814 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

Rating27/2 Q1 results: Operating profits up over 60% Buy

Target price JPY 10,800Quick Note

Closing price

9 July 2026 JPY 6,410First impression positive: Company continuing to benefit from strong new ship

market (Note: Quick Note reports are not a

Furuno Electric posted 27/2 Q1 sales of ¥38.11bn (up 21.8% y-y) and operating profits of vehicle for changes to ratings, target

¥5.68bn (up 65.3%), ahead of our forecast of ¥4.49bn. The marine segment saw ongoing prices, or earnings forecasts)

growth in equipment sales primarily on the Chinese market, while the industrial segment

saw growth in sales of ITS/GNSS products and defense equipment. While earnings have

been running ahead of management's assumptions, it said it retained its full-year guidance

in view of uncertainty about procurement of parts and materials.

Research Analysts

Marine segment in Q1 Japan small cap

The marine segment performed well, with sales of ¥32.56bn (up 18.0% y-y) and operating

Mikihiko Yamato - NSCprofits of ¥5.74bn (up 45.5%). Sales rose 12.8% in Japan, with a recovery in demand from mikihiko.yamato@nomura.com

the fishing industry and higher sales to government agencies, fell 0.3% in The Americas +81 3 6703 1186

as the effects of new products a year earlier dropped from the picture, rose 21.2% in

Europe on strong replacement demand for equipment for existing merchant ships, and

rose 21.9% in Asia on strong demand for equipment for new merchant ships.

Industrial segment in Q1

The industrial segment recorded sales of ¥4.64bn (up 51.8% y-y) and operating profits of

¥0.26bn, versus losses of ¥0.05bn a year earlier.