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

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%

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