Keyence Shares Jump After It Posts 27% Rise in First-Half Net Profit
By Kosaku Narioka
Keyence Corp. shares rose sharply Monday morning after the sensor company posted a 27% jump in first-half net profit and boosted its fiscal-year dividend forecast.
The company's shares were recently 7.0% higher at 55,340 yen after rising as much as 10% earlier.
Keyence said Friday after market close that net profit climbed to Y180.64 billion ($1.22 billion) for the six-month period ended Sept. 20. from Y141.78 billion a year earlier.
Revenue rose 25% to Y444.00 billion as manufacturers worldwide maintained capital expenditures, the sensor company said.
Keyence boosted its fiscal-year dividend forecast to Y300 a share from Y200. That compares with the dividend of Y200 a share paid the previous fiscal year.
Keyence's second-quarter operating profit of Y138.7 billion exceeded Nomura's estimate of Y131.0 billion, Nomura analyst Kentaro Maekawa said in a research note, recovering from Y102.8 billion the previous quarter, when China's Covid-19 lockdowns weighed on shipments.
Coupled with the dividend increase, the quarterly results left a slightly positive impression, Mr. Maekawa said.
The Topix subindex for electronics companies was recently 2.2% higher and the Nikkei Stock Average was up 1.4%.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires
October 30, 2022 22:08 ET (02:08 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.