OSG Corporation, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 9% Decrease

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Thu Oct 10, 2024 3:00 pm JST Earnings

6136 OSG Corporation 【J-GAAP】

Earnings Report

OSG Corporation <6136> [TSE-P] announced its financial results after the market closed on October 10th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending November 2024 (December 2023 to August 2024) was 14.9 billion yen, a 2.3% decrease compared to the same period last year.

In addition, the full-year consolidated ordinary profit has downwardly by 15.2%, from the previous forecast of 23 billion yen to 19.5 billion yen (compared to 21.3 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 8.7% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the June to November period (second half) has downwardly by 28.8%, from the previous forecast of 12.1 billion yen to 8.63 billion yen (compared to 11.1 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 22.8% decrease in profit.

In the most recent three-month period, from June to August (3Q), the consolidated ordinary profit decreased to 4.04 billion yen, a 20.8% decrease compared to the same period last year. However, the operating profit margin rose from 12.4% in the same period last year to 12.5%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Dec - Aug, 2021	103,502	15,034	16,264	11,349	117.5	68.8	Oct 6, 2022	J-GAAP
Dec - Aug, 2022	107,731	14,085	15,270	10,044	104.8	71.5	Oct 5, 2023	J-GAAP
Dec - Aug, 2023	115,326	14,459	14,912	9,790	106.7	76.5	Oct 10, 2024	J-GAAP
YoY	+7.0%	+2.7%	-2.3%	-2.5%	+1.8%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2024 Prev	75,333	13,235	12,132	8,283	97.6	32	Jul 11, 2024	J-GAAP
Jun - Nov, 2024 New	75,333	9,235	8,632	5,783	68.1	32	Oct 10, 2024	J-GAAP
Revision Rate	0.0%	-30.2%	-28.8%	-30.2%	-30.2%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2024 Prev	153,000	23,000	23,000	15,500	182.6	60	Jan 11, 2024	J-GAAP
Nov, 2024 New	153,000	19,000	19,500	13,000	153.1	60	Oct 10, 2024	J-GAAP
Revision Rate	0.0%	-17.4%	-15.2%	-16.1%	-16.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2023	77,065	10,306	11,184	7,716	80.5	32	Jan 11, 2024	J-GAAP
Jun - Nov, 2024 Guidance	75,333	9,235	8,632	5,783	68.1	32	Oct 10, 2024	J-GAAP
YoY	-2.2%	-10.4%	-22.8%	-25.1%	-15.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2022	142,525	21,898	23,648	16,534	171.5	60	Jan 12, 2023	J-GAAP
Nov, 2023	147,703	19,800	21,350	14,307	149.3	60	Jan 11, 2024	J-GAAP
Nov, 2024 Guidance	153,000	19,000	19,500	13,000	153.1	60	Oct 10, 2024	J-GAAP
YoY	+3.6%	-4.0%	-8.7%	-9.1%	+2.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	37,093	4,591	5,104	3,453	36.0	12.4	Oct 5, 2023	J-GAAP
Sep - Nov, 2023	39,972	5,715	6,080	4,263	44.5	14.3	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	36,717	4,102	4,949	3,429	36.3	11.2	Apr 4, 2024	J-GAAP
Mar - May, 2024	40,950	5,663	5,919	3,788	40.6	13.8	Jul 11, 2024	J-GAAP
Jun - Aug, 2024	37,659	4,694	4,044	2,573	28.1	12.5	Oct 10, 2024	J-GAAP
YoY	+1.5%	+2.2%	-20.8%	-25.5%	-22.2%