Seasonal fluctuations in performance attributable to customers’ fiscal year-ends
First written in FY2016. 2 of 16 entries say "Softened", first in FY2019. Latest entry: 2026-10-23.
Nomura Micro Science moved to the "Worse" side of this theme in 2026, 2 years after the typical company in this theme (2024).
The whole theme swung hardest in 2024: 4 of 24 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- 2026-10-23WorsenedRevision of earnings forecasts
「第２四半期（中間期）の連結業績につきましては、上期に受注を見込んでいた米国での大型水処理装置案件の受注時期が下期にずれ込む見込みとなったこと等により、売上高が減少する見通しとなりました。」
米国大型案件の受注時期の下期ずれ込みが中間期の売上高予想の減額要因となり、受注時期と売上計上時期のずれによる業績変動が具体的に表れた。 - FY2026Fluctuations in orders and sales caused by the aftereffects of large projects and construction delaysAnnual report
「Following the aftereffects of large water treatment system projects received in the previous fiscal year, orders totaled ¥47,694 million, down 49.5% from the previous fiscal year. For water treatment systems, sales were ¥36,723 million, down 53.4% from the previous fiscal year, due to the aftereffects of large water treatment system projects received in the previous fiscal year and delays in the start of construction on some large water treatment system projects already ordered.」
Due to the gap between the timing of orders for large projects, the start of construction and the recognition of sales, orders declined 49.5% and equipment sales declined 53.4%. The impact of orders and construction progress on performance was also apparent on a full-year basis. - 2026-05-14WorsenedEarnings
「前期の大型水処理装置案件の反動並びに一部受注済み大型水処理装置案件の工期開始時期遅延等により、売上高は36,723百万円（前期比53.4％減）となりました。」
大型案件の受注時期・工期開始時期と売上計上時期のずれが、当期の売上高減少要因として具体化した。 - FY2024-Q3Continued lower orders and higher sales from construction progressAnnual report
「Investment by the Group's core semiconductor-related customers remained robust, and the Group received orders for large water treatment system projects mainly in Japan, South Korea and China. However, due to the aftereffects of large water treatment system projects received in the United States, South Korea, China and elsewhere in the previous year, orders totaled ¥51,337 million, down 21.5% year on year. Sales, however, increased substantially year on year.」
Orders declined 21.5% year on year due to the aftereffects of large projects received in the previous year, while sales increased substantially year on year as construction progressed on projects already ordered. Quarterly fluctuations in performance caused by the gap between the timing of orders and the timing of sales recognition have continued. - FY2024-Q2Lower orders and higher sales from construction progress following the aftereffects of large projectsAnnual report
「Orders totaled ¥15,027 million, down 74.5% year on year, due to the aftereffects of large water treatment system projects received in the United States, South Korea, China and elsewhere in the previous year, as well as the fact that orders for large water treatment system projects scheduled for the future were pushed back to October or later. Sales, however, increased substantially year on year.」
Orders declined 74.5% year on year due to the aftereffects of large projects received in the previous year and the postponement of orders for new large projects, while sales increased substantially as construction progressed on projects already ordered. Quarterly fluctuations caused by the gap between the timing of orders and the timing of sales recognition have continued. - FY2024-Q1Lower orders and higher sales following the aftereffects of large projectsAnnual report
「Orders totaled ¥6,583 million, down 82.7% year on year, due to the aftereffects of large water treatment system projects received in the United States, South Korea, China and elsewhere in the same period of the previous year. Sales, however, increased substantially year on year.」
Orders declined 82.7% year on year due to the aftereffects of large projects received in the same period of the previous year, while sales increased as construction progressed on projects already ordered. The quarterly fluctuation in performance caused by the gap between the timing of large project orders and construction progress has become clearly apparent. - FY2022Higher fourth-quarter profit contributionAnnual report
「Fiscal year ending March 2022 Operating profit: 881 19.9 1,319 29.8 763 17.2 1,468 33.1 4,433」
Fluctuations due to the timing of large equipment orders and revenue recognition based on progress toward satisfying performance obligations continued, and the fourth-quarter contribution to operating profit was 33.1%. - FY2021Reduced concentration of quarterly profitAnnual report
「Fiscal year ending March 2021 Sales: 4,352 14.3 8,454 27.8 9,094 30.0 8,460 27.9 30,361 Operating profit: 276 7.0 1,312 33.0 1,436 36.2 947 23.8 3,972」
The fourth-quarter contribution to operating profit fell from 47.9% in the previous fiscal year to 23.8%, with profit distributed across the second and third quarters as well. The risk of fluctuations caused by the timing of large equipment orders and other factors remains. - FY2020Continued concentration of profit in the fourth quarterAnnual report
「Fiscal year ending March 2020 Operating profit: first quarter ¥28 million (1.5%), second quarter ¥347 million (18.8%), third quarter ¥587 million (31.8%), fourth quarter ¥883 million (47.9%), full year ¥1,846 million」
In addition to the timing of orders for large equipment and revenue recognition under the percentage-of-completion method, 47.9% of operating profit was recognized in the fourth quarter of the fiscal year ending March 2020, clearly illustrating quarterly fluctuations. - FY2020-Q3Decline in sales due to construction delays and postponed investment plansAnnual report
「As a result of these business activities, construction progressed on projects ordered by domestic semiconductor and pharmaceutical-related companies for water treatment systems, while progress on projects ordered by semiconductor-related companies in South Korea, China and Taiwan was delayed and the investment plans themselves were postponed. As a result, sales were ¥8,177 million, down 33.4% year on year.」
Delays in construction progress on projects already ordered in South Korea, China and Taiwan, together with postponed investment plans, caused water treatment system sales to decline 33.4% year on year. - FY2020-Q2Delays in construction progress on equipment projects in ChinaAnnual report
「As a result of these business activities, construction progressed on ultrapure water production systems ordered by domestic semiconductor and pharmaceutical-related companies and by semiconductor and FPD-related companies in South Korea, and on wastewater treatment systems ordered by semiconductor-related companies in Taiwan. However, due mainly to delays in construction progress on equipment projects already ordered in China, sales were ¥5,291 million, down 30.9% year on year.」
Delays in construction progress on equipment projects already ordered in China caused water treatment system sales to decline 30.9% year on year. The impact of the timing of construction progress on large equipment projects on performance has become apparent. - FY2020-Q1Quarterly sales fluctuations following the completion of large equipment projectsAnnual report
「Although construction progressed on ultrapure water production systems and wastewater treatment systems ordered by semiconductor and FPD-related companies in Taiwan, sales were ¥2,352 million, down 45.9% year on year, due mainly to the completion of large semiconductor-related equipment projects in South Korea and China.」
Following the completion of large equipment projects, first-quarter sales of water treatment systems declined 45.9% year on year. The impact of the timing of orders for large projects and construction progress on quarterly performance has become apparent. - FY2019SoftenedAnnual report
「Both full-year and quarterly sales and operating profit tend to fluctuate significantly depending on when large equipment orders are received and when revenue is recognized under the percentage-of-completion method. Although the current consolidated fiscal year has shown a different pattern from previous years, the Group's performance could be affected by equipment order trends, consumables sales and other factors.」
The Group explained that the pattern differed from the previous concentration in the fourth quarter, with operating profit distributed across the quarters in the fiscal year ending March 2019. - FY2018Explicitly stated that profit is concentrated in the fourth quarterAnnual report
「In the most recent 2 consolidated fiscal years, sales of high-margin consumables increased in March, the fiscal year-end, and operating profit was therefore concentrated in the fourth quarter.」
The Group has shifted from its previous explanation that performance was concentrated in the second and fourth quarters to a specific seasonal pattern in which operating profit was concentrated in the fourth quarter in the most recent 2 fiscal years. - FY2017RestatedAnnual report
「Many of the Group's customers have fiscal year-ends in March. As sales of consumables tend to increase particularly in September and March, which are the ends of their first and second half-years, respectively, operating profit consequently tends to be concentrated in the second and fourth quarters.」
The Group continues to disclose the concentration of sales and operating profit in the second and fourth quarters caused by customers' fiscal year-ends. - FY2016First statedAnnual report
「Many of the Group's customers have fiscal year-ends in March. As sales of consumables tend to increase particularly in September and March, which are the ends of their first and second half-years, respectively, operating profit consequently tends to be concentrated in the second and fourth quarters.」
The Group identifies as a factor causing fluctuations in performance the tendency for consumables sales and operating profit to be concentrated in the second and fourth quarters due to customers' fiscal year-ends.