Shimano is forecasting revenues of ¥230 billion in 2012, an increase of 3.7 percent over the 2011 period. Net income is seen growing 20.4 percent to ¥24 billion for the year.
Revenues for the 2011 full year increased 4.2 percent to ¥221.8 billion ($2.23 bn) for the 12-month ended Dec. 31 from ¥213.6 billion ($1.94 bn) in 2010. Operating income declined 3.1 percent in yen terms to ¥31.7 billion ($399 mm) from ¥32.8 billion ($374 mm) in the prior year. Net income improved 3.9 percent to ¥19.9 billion ($249 mm) compared to ¥19.1billion ($218 mm) in 2010.
Gross margins fell 160 basis points to 34.7 percent of sales for the full year and SG&A expenses were reduced 60 basis points to 20.4 percent of sales from 20.9 percent of sales in 2010.
The company reported that sales of Bicycle Components increased 4.7 percent to ¥177.3 billion ($2.23 bn) for the year, but operating income slipped 3.4 percent to ¥30.0 billion ($376 mm). In Fishing Tackle, sales inched up 1.4 percent to ¥43.9 billion ($551 mm), while operating income grew 8.7 percent to ¥2.14 billion ($27 mm) for the year.
Fourth quarter revenues increased 4.2 percent to ¥60.2 billion ($779 mm) and net income surged 79.3 percent to ¥8.4 billion ($109 mm) for the period.
Inventories at year-end were up 4.5 percent to ¥19.3 billion ($249 mm).
