Tamron Posts Strong 2nd Quarter 2024 Financial Results

Tamron as shared the 1st Quarter 2024 Financial Results.

A selection of quotes:

"The interchangeable lens camera market grew by approximately 10% in both volume and value, driven by strong performance in mirrorless cameras."

"The interchangeable lenses market grew by approximately 10% in volume basis and approximately 25% in value basis."

"Net Sales and Operating Income showed double-digit or higher increase in all segments."

"Net Sales significantly increased by approximately 1.4 times and Operating Income significantly increased by approximately 1.7 times YoY."

"Achieved record high Net Sales and Operating Income for the 1st half of the year."

1H: "Sales of mainstay Photographic Products Segment increased by approximately 1.4 times"

"Own-Brand products sales are expected to increase by double digits due to new model launches and sales recovery in Europe and US markets."

"OEM products sales in the 1st half far exceeded the plan, leading to revised sales forecast decrease in the 2nd half compared to the 1st half. However, the initial sales forecast in the 2nd half, which are planned to decrease YoY revised upward to double-digit growth."

"The initial forecast for single-digit increase in Sales and Operating Income has been revised doble-digit increase by maintaining a high profitability due to higher gross profit from higher sales and favorable foreign exchange efforts."

Tamron now plans to introduce 7 new lens models in 2024, up from 6 in the original plan, and up from 5 in 2022 and 2023.