MODEC, Inc. reported higher revenue for the cumulative third quarter of the fiscal year ending December 2026 and raised its full-year operating profit forecast. It also set a share buyback framework of ¥10 billion and up to 2 million shares, and indicated a policy of cancelling all acquired shares in February 2027.
Consolidated revenue for January–September was ¥580.59 billion, up 16.4% year on year, while operating profit was ¥61.38 billion, up 35.1%, as FPSO construction progressed smoothly. The full-year consolidated operating profit forecast was raised from $46 million to $52 million.
The company also decided to set a framework for acquiring up to 2 million shares, with a maximum expenditure of ¥10 billion. All acquired shares are scheduled to be cancelled in February 2027, representing approximately 2.9% of total shares issued.
The closing price on the 10th was ¥8,365, up ¥1,145. The market reaction to the results and policy announcement was viewed as positive.
MODEC, Inc. designs, builds and leases FPSOs, and attention will focus on future order trends and progress in cost management.