Nippon Shikizai, Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 23%

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Fri Oct 11, 2024 5:00 pm JST Earnings

4920 Nippon Shikizai, Inc. 【J-GAAP】

Earnings Report

Nippon Shikizai, Inc. <4920> [TSE-S] announced its financial results after the market closed on October 11th (17:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) expanded to 424 million yen, an increase of 55.9% compared to the same period last year.

However, the full-year consolidated ordinary profit has downwardly by 23.0%, from the previous forecast of 600 million yen to 462 million yen (compared to 407 million yen in the previous period), leading to a reduction in the profit growth rate from 47.4% to 13.5%.

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 significant drop by 71.9% from the same period last year to 38 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit increased by 43.4% from the same period last year, reaching 162 million yen. The operating profit margin improved from 3.2% in the same period last year to 4.7%.

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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	5,612	35	26	75	35.8	17.6	Oct 12, 2022	J-GAAP
Mar - Aug, 2023	7,355	286	272	217	103.6	66.8	Oct 12, 2023	J-GAAP
Mar - Aug, 2024	9,505	489	424	252	120.7	91.8	Oct 11, 2024	J-GAAP
YoY	+29.2%	+71.0%	+55.9%	+16.1%	+16.4%

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	9,301	430	376	228	108.8	0	Jul 11, 2024	J-GAAP
Mar - Aug, 2024 Results	9,505	489	424	252	120.7	0	Oct 11, 2024	J-GAAP
Revision Rate	+2.2%	+13.7%	+12.8%	+10.5%	+10.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	17,354	711	600	405	193.3	20	Jul 11, 2024	J-GAAP
Feb, 2025 New	17,821	593	462	230	109.7	20	Oct 11, 2024	J-GAAP
Revision Rate	+2.7%	-16.6%	-23.0%	-43.2%	-43.2%

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	7,695	155	135	181	86.4	20	Apr 11, 2024	J-GAAP
Sep - Feb, 2024 Guidance	8,316	104	38	-22	-10.5	20	Oct 11, 2024	J-GAAP
YoY	+8.1%	-32.9%	-71.9%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	11,760	161	148	246	117.5	0	Apr 12, 2023	J-GAAP
Feb, 2024	15,050	441	407	398	190.0	20	Apr 11, 2024	J-GAAP
Feb, 2025 Guidance	17,821	593	462	230	109.7	20	Oct 11, 2024	J-GAAP
YoY	+18.4%	+34.5%	+13.5%	-42.2%	-42.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	3,676	116	113	78	37.3	3.2	Oct 12, 2023	J-GAAP
Sep - Nov, 2023	3,700	20	8	39	18.7	0.5	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	3,995	135	127	142	67.8	3.4	Apr 11, 2024	J-GAAP
Mar - May, 2024	4,931	276	262	146	69.9	5.6	Jul 11, 2024	J-GAAP
Jun - Aug, 2024	4,574	213	162	106	50.8	4.7	Oct 11, 2024	J-GAAP
YoY	+24.4%	+83.6%	+43.4%	+35.9%	+36.2%