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Shimano stock slumps after report

Published April 27, 2022

TOKYO (BRAIN) — Shimano Inc.’s stock price fell nearly 14% on Wednesday following the release of its first-quarter earnings report Tuesday. 

Shimano reported that revenues were up 13.9% in the first quarter, while net income was up just 0.5%, below some analysts' expectations

Shimano modified its guidance for its first half and full year. While it maintained its previous projection of first-half revenues at 293,200 million yen, it raised its forecast ordinary income by 1.2% due to currency exchange fluctuations. It did not revise its net income forecast, which remains 117,500 million yen, 1.3% over its full-year 2021 net income.

Sales in Shimano's bike-product division were up 14% in the first quarter, compared to the same period last year. However the company said the pandemic-driven bike boom "showed signs of cooling down."

Following the markets’ near-crash in March 2020 at the start of the COVID-19 pandemic, Shimano’s stock rebounded and outperformed the markets later that year and climbed to a peak of 35470 yen ($27.63) per share in September 2021 — nearly twice its pre-pandemic level.

On Tuesday, the stock closed at 26200 yen; the earnings report was released after trading ended. On Wednesday it closed at 22640 yen, a 13.5% drop. The stock price is still well above pre-pandemic levels. The stock closed out 2019 at about 17890 yen. 

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