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Investing.com -- Dexerials shares jumped 21% on Thursday after the company reported strong second-quarter business profit operating profit of ¥12.3 billion, representing 55% growth quarter-over-quarter.
The robust quarterly performance brought the company’s first-half business profit to ¥20.2 billion, exceeding Mizuho’s estimate of ¥18 billion.
The second-quarter strength was primarily driven by strong sales in anti-reflective film (ARF) and anisotropic conductive film (ACF) products.
A weaker than expected currency also contributed positively to the results, as the company has high sensitivity to currency fluctuations.
In response to the strong performance, Dexerials raised its full-year business profit guidance from ¥29 billion to ¥39 billion. This upward revision is larger than what would be expected based solely on the first-half performance beat.
Additionally, the company announced a ¥5 billion share buyback program, representing approximately 1.2% of its outstanding shares.
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