TOKYO (dpa-AFX) - Toray Industries, Inc. (3402.T), a Japanese textile manufacturing company, Thursday reported higher earnings for the first quarter compared to the same period last year. Further, the company revised its half yearly outlook and provided guidance for fiscal 2026-2027.
Quarterly earnings increased 82.3 percent to ¥31.26 billion or ¥21.44 per share from ¥17.15 billion or ¥11.14 per share of last year.
Other income rose to ¥3.70 billion from ¥1.10 billion of previous year.
Revenue grew 14 percent to ¥678.97 billion from ¥595.83 billion of prior year.
The company attributes higher revenue on its IGNITION 2028 program which focuses on promoting growth strategies and structural reforms to improve profitability and capital efficiency.
Looking forward to the first half of the year, the company upgraded its outlook. It now expects a 20 percent increase in revenues at ¥1.39 trillion compared to its previous outlook of ¥1.37 trillion. Earnings are now anticipated to increased by 12.5 percent to ¥45 billion or ¥30.90 per share in contrast to the prior outlook of ¥40 billion or ¥27.48 per share.
For the full year the company expects ¥2.83 trillion in revenues, an increase of 9.5 percent year over year and earnings of ¥90 billion or ¥61.8 per share, an increase of 13.2 percent year on year.
Currently, shares are trading at ¥1292.5, up 8.75% on the Tokyo Stock Exchange.
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