MODEC surged in afternoon trading after progress on FP Source's FPSO construction project exceeded expectations, prompting an upward revision to its full-year earnings forecast. Revenue was raised to ¥770.819 billion, operating profit to ¥81.81 billion and net profit to ¥64.497 billion.
MODEC is surging in afternoon trading. At around 12:30 p.m. today, in conjunction with the release of its results for the cumulative third quarter of the fiscal year ending December 2026, the company raised its full-year earnings forecast. Revenue was raised from ¥720.038 billion to ¥770.819 billion, operating profit from ¥72.03 billion to ¥81.801 billion, and net profit from ¥57.916 billion to ¥64.497 billion.
In addition to progress on FPSO construction projects exceeding initial expectations, strong performance by operating FPSOs and anticipated growth in interest income have also been cited as factors behind the upward revision. For the January-September period, revenue was ¥586.098 billion, operating profit was ¥61.376 billion and net profit was ¥48.22 billion.
The company also disclosed on the same day that it would conduct a share buyback, with total acquisitions capped at 2 million shares or ¥10 billion. The acquisition period will run from 11 November to 29 January next year, and the shares are scheduled to be cancelled on 18 February next year.