Naito & Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 0.4％ Decrease, Dividend Revised down by 2 yen

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Wed Sep 25, 2024 4:00 pm JST Earnings

7624 Naito & Co.,Ltd. 【J-GAAP】

Earnings Report

Naito & Co.,Ltd. <7624> [TSE-S] announced its financial results after the market closed on September 25th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) significantly dropped by 58.5% from the same period last year to 139 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 42.1%, from the previous forecast of 950 million yen to 550 million yen (compared to 552 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 0.4% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the September to February period (second half) is expected to expand by 89.4% from the same period last year, reaching 411 million yen.

Due to a decline in performance, the company has significantly reduced its planned year-end lump-sum dividend for the current fiscal year from the original plan of 5 yen to 3 yen (compared to 4 yen in the previous period).

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit dropped to 138 million yen, a 32.7% decrease compared to the same period last year. The operating profit margin worsened from 1.7% in the same period last year to 1.2%.

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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
Mar - Aug, 2022	22,115	332	359	239	4.4	38.5	Sep 28, 2022	J-GAAP
Mar - Aug, 2023	22,245	308	335	221	4.1	60.7	Sep 26, 2023	J-GAAP
Mar - Aug, 2024	21,486	119	139	84	1.5	25.3	Sep 25, 2024	J-GAAP
YoY	-3.4%	-61.4%	-58.5%	-62.0%	-62.0%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024 Guidance	ー	ー	ー	ー	－	0	Mar 26, 2024	J-GAAP
Mar - Aug, 2024 Results	21,486	119	139	84	1.5	0	Sep 25, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	47,500	900	950	630	11.5	5	Mar 26, 2024	J-GAAP
Feb, 2025 New	44,000	500	550	350	6.4	3	Sep 25, 2024	J-GAAP
Revision Rate	-7.4%	-44.4%	-42.1%	-44.4%	-44.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	21,819	197	217	124	2.3	4	Mar 26, 2024	J-GAAP
Sep - Feb, 2024 Guidance	22,514	381	411	266	4.9	3	Sep 25, 2024	J-GAAP
YoY	+3.2%	+93.4%	+89.4%	+114.5%	+114.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	44,457	886	932	732	13.4	4	Mar 28, 2023	J-GAAP
Feb, 2024	44,064	505	552	345	6.3	4	Mar 26, 2024	J-GAAP
Feb, 2025 Guidance	44,000	500	550	350	6.4	3	Sep 25, 2024	J-GAAP
YoY	-0.1%	-1.0%	-0.4%	+1.4%	+1.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	11,138	192	205	135	2.5	1.7	Sep 26, 2023	J-GAAP
Sep - Nov, 2023	11,185	98	113	74	1.4	0.9	Dec 25, 2023	J-GAAP
Dec - Feb, 2023	10,634	99	104	50	0.9	0.9	Mar 26, 2024	J-GAAP
Mar - May, 2024	10,674	-11	1	0	0.0	-0.1	Jun 25, 2024	J-GAAP
Jun - Aug, 2024	10,812	130	138	84	1.5	1.2	Sep 25, 2024	J-GAAP
YoY	-2.9%	-32.3%	-32.7%	-37.8%	-37.7%