Subaru Enterprise Co., Ltd., First Half Ordinary Profit Decreases by 4%, 2Q (May-July) Ordinary Profit Decreases by 3%

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Mon Sep 9, 2024 4:00 pm JST Earnings

9632 Subaru Enterprise Co., Ltd. 【J-GAAP】

Earnings Report

Subaru Enterprise Co., Ltd. <9632> [TSE-S] announced its financial results after the market closed on September 9th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending January 2025 (February to July) decreased by 3.9% from the same period last year to 2.56 billion yen. However, this progress accounts for 57.9% of the full-year plan of 4.43 billion yen, almost the same as the five-year average of 59.5%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the August to January period (second half) is expected to decrease by 18.1% from the same period last year to 1.86 billion yen.

In the most recent three-month period, from May to July (2Q), the consolidated ordinary profit decreased to 986 million yen, a 3.4% decrease compared to the same period last year. The operating profit margin decreased from 14.6% in the same period last year to 14.1%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Feb - Jul, 2022	14,606	3,025	3,112	2,117	164.6	59.8	Sep 8, 2022	J-GAAP
Feb - Jul, 2023	14,690	2,641	2,670	1,798	139.7	54.0	Sep 7, 2023	J-GAAP
Feb - Jul, 2024	14,948	2,523	2,566	1,732	134.4	57.9	Sep 9, 2024	J-GAAP
YoY	+1.8%	-4.5%	-3.9%	-3.7%	-3.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb - Jul, 2024 Guidance	ー	ー	ー	ー	－	40	Mar 14, 2024	J-GAAP
Feb - Jul, 2024 Results	14,948	2,523	2,566	1,732	134.4	40	Sep 9, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2023	14,555	2,259	2,277	1,485	115.3	54	Mar 14, 2024	J-GAAP
Aug - Jan, 2024 Guidance	14,209	1,890	1,866	1,202	93.2	40	Sep 9, 2024	J-GAAP
YoY	-2.4%	-16.3%	-18.1%	-19.1%	-19.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2023	28,907	5,092	5,206	3,517	273.3	76	Mar 16, 2023	J-GAAP
Jan, 2024	29,245	4,900	4,947	3,283	255.0	80	Mar 14, 2024	J-GAAP
Jan, 2025 Guidance	29,157	4,413	4,432	2,934	227.5	80	Mar 14, 2024	J-GAAP
YoY	-0.3%	-9.9%	-10.4%	-10.6%	-10.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	6,922	1,009	1,021	684	53.1	14.6	Sep 7, 2023	J-GAAP
Aug - Oct, 2023	6,949	1,302	1,310	850	66.0	18.7	Dec 7, 2023	J-GAAP
Nov - Jan, 2023	7,606	957	967	635	49.3	12.6	Mar 14, 2024	J-GAAP
Feb - Apr, 2024	8,062	1,551	1,580	1,076	83.6	19.2	Jun 6, 2024	J-GAAP
May - Jul, 2024	6,886	972	986	656	50.9	14.1	Sep 9, 2024	J-GAAP
YoY	-0.5%	-3.7%	-3.4%	-4.1%	-4.2%