CROSBY Research – Johnson Electric (179 HK): Marginal decrease in 1Q25 sales

15 July 2024

Johnson Electric (JE) provided its 1QFY25 business update. JE’s sales in 1QFY25 amounted to US$935m, representing a YoY decrease of 2%. Excluding forex, its sales dropped by 1% YoY to US$943m. JE’s Automotive Products Group (APG) sales were flat at US$788m in 1Q25. Excluding the forex effect, APG’s sales edged up slightly by 1% YoY amid global light vehicle industry production volumes remained unchanged. Sales for IPG (Industry Products Group) decreased by 10% YoY to US$147m.