Olympus Profit Jumps On Strong Revenues; Ups Annual Guidance
Tokyo-based medical equipment business Olympus Corporation (OCPNY) on Tuesday announced results for the first quarter ended June 30, 2022 that showed a jump in earnings, particularly helped by the strong revenue growth. The company also lifted its full-year guidance.
Profit for the period increased 33 percent to 24.9 billion yen as compared to 18.7 billion yen in the prior-period. Earnings per share increased to 19.52 yen from 14.53 yen in the first quarter of the previous financial year.
Operating profit increased 47.7 percent to 40.8 billion yen as compared to 27.6 billion yen in the corresponding period of the previous fiscal.
Revenue for the period jumped 11.8 percent to 214.1 billion yen from 191.5 billion yen in the year-ago period. The increase was mainly attributed to the increase in revenue in the Endoscopic Solutions Business and Therapeutic Solutions Business.
Based on a consideration of the trend of yen depreciation in the current foreign exchange market compared to the assumptions at the start of the period, the company revised up its earlier guidance for the full year ending March 31, 2023.
Revenue is now expected to increase to 1,019 billion yen as compared to 968 billion yen estimated earlier.
Operating profit is seen rising to 231 billion yen versus 206 billion yen forecasted earlier. Profit is estimated at 172 billion yen, as compared to 154 billion yen expected earlier.
Basic EPS is seen rising to 135.11 versus 120.97 anticipated earlier.
Shares of Olympus closed Monday’s trading at $21.28, up $0.77 or 3.73 percent from the previous close.
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