{"id":40893,"date":"2023-07-26T19:40:44","date_gmt":"2023-07-26T23:40:44","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/shimano-shares-slump-after-it-cuts-profit-guidance-sees-high-inventory\/"},"modified":"2023-07-26T19:40:46","modified_gmt":"2023-07-26T23:40:46","slug":"shimano-shares-slump-after-it-cuts-profit-guidance-sees-high-inventory","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40893","title":{"rendered":"Shimano Shares Slump After It Cuts Profit Guidance, Sees High Inventory"},"content":{"rendered":"
\n

By Kosaku Narioka<\/p>\n

<\/pre>\n
Shimano shares fell sharply Wednesday morning after the Japanese bicycle-parts maker posted a 27% drop in first-half net profit and cut its full-year earnings guidance.<\/p>\n
The shares were recently 3.8% lower at 22,725 yen after falling as much as 5.8% earlier.<\/p>\n
\n
Shimano said Tuesday after market close that net profit fell to Y50.38 billion ($357.5 million) for the six-month period ended June 30 from Y68.56 billion in the year-earlier period. First-half revenue dropped 13% to Y263.25 billion.<\/p>\n
Operating profit from the bicycle-parts business dropped 40% to Y42.09 billion as the segment’s revenue dropped 18% to Y204.99 billion. The company said sales were slow in Europe due to bad weather and were also weak in North America and Japan. Inventory levels in the market remain elevated, it said.<\/p>\n
Operating profit from its fishing-equipment business rose 4.5% to Y11.84 billion, as the segment’s revenue climbed 7.0% to Y58.03 billion.<\/p>\n
Shimano cut its guidance for 2023, saying a demand recovery is likely to be delayed and that it’s difficult to absorb higher costs of manufacturing.<\/p>\n
It now projects that revenue will fall 28% to Y450.00 billion, down from its previous forecast of Y460.00 billion, and that net profit will drop 46% to Y69.00 billion, lower than its previous estimate of Y69.50 billion.<\/p>\n
<\/pre>\n
Write to Kosaku Narioka at kosaku.narioka@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By Kosaku Narioka Shimano shares fell sharply Wednesday morning after the Japanese bicycle-parts maker posted a 27% drop in first-half net profit and cut its full-year earnings guidance. The shares were recently 3.8% lower at 22,725 yen after falling as much as 5.8% earlier. Shimano said Tuesday after market close that net profit fell to […]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-40893","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nShimano Shares Slump After It Cuts Profit Guidance, Sees High Inventory | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Kosaku Narioka Shimano shares fell sharply Wednesday morning after the Japanese bicycle-parts maker posted a 27% drop in first-half net profit and cut\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=40893\" \/>\n<meta property=\"og:locale\" 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