OKUWA CO., LTD., First Half Ordinary Profit Decreases by 62%, June-Augus Ordinary Profit Decreases by 59%

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Tue Oct 1, 2024 1:00 pm JST Earnings

8217 OKUWA CO., LTD. 【J-GAAP】

Earnings Report

OKUWA CO., LTD. <8217> [TSE-P] announced its financial results in the afternoon session on October 1st (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) significantly dropped by 61.8% from the same period last year to 313 million yen. The progress rate against the 2.5 billion yen full-year plan was 12.5%, also falling below the five-year average of 37.9%.

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 September to February period (second half) is expected to decrease by 4.0% from the same period last year to 2.18 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit significantly dropped to 307 million yen, a 59.3% decrease compared to the same period last year. The operating profit margin worsened from 1.1% in the same period last year to 0.4%.

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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	120,653	1,026	1,179	635	14.5	37.5	Oct 3, 2022	J-GAAP
Mar - Aug, 2023	121,520	706	819	399	9.1	26.4	Oct 3, 2023	J-GAAP
Mar - Aug, 2024	122,558	246	313	87	2.0	12.5	Oct 1, 2024	J-GAAP
YoY	+0.9%	-65.2%	-61.8%	-78.2%	-77.9%

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	122,550	245	310	85	2.0	13	Sep 26, 2024	J-GAAP
Mar - Aug, 2024 Results	122,558	246	313	87	2.0	13	Oct 1, 2024	J-GAAP
Revision Rate	+0.0%	+0.4%	+1.0%	+2.4%	0.0%

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	125,858	2,182	2,279	601	13.7	13	Apr 2, 2024	J-GAAP
Sep - Feb, 2024 Guidance	131,442	2,204	2,187	463	11.1	13	Oct 1, 2024	J-GAAP
YoY	+4.4%	+1.0%	-4.0%	-23.0%	-19.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	246,877	2,927	3,148	928	21.2	26	Apr 3, 2023	J-GAAP
Feb, 2024	247,378	2,888	3,098	1,000	22.8	26	Apr 2, 2024	J-GAAP
Feb, 2025 Guidance	254,000	2,450	2,500	550	13.2	26	Sep 26, 2024	J-GAAP
YoY	+2.7%	-15.2%	-19.3%	-45.0%	-42.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	63,282	700	755	444	10.1	1.1	Oct 3, 2023	J-GAAP
Sep - Nov, 2023	61,116	487	508	263	6.0	0.8	Dec 27, 2023	J-GAAP
Dec - Feb, 2023	64,742	1,695	1,771	338	7.7	2.6	Apr 2, 2024	J-GAAP
Mar - May, 2024	58,697	-38	6	-56	-1.3	-0.1	Jun 27, 2024	J-GAAP
Jun - Aug, 2024	63,861	284	307	143	3.3	0.4	Oct 1, 2024	J-GAAP
YoY	+0.9%	-59.4%	-59.3%	-67.8%	-67.4%