FP Partner Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 8%

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Tue Oct 15, 2024 3:00 pm JST Earnings

7388 FP Partner Inc. 【J-GAAP】

Earnings Report

FP Partner Inc. <7388> [TSE-P] announced its financial results after the market closed on October 15th (15:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending November 2024 (December 2023 to August 2024) was 4.65 billion yen, a 0.8% decrease compared to the same period last year.

In addition, the full-year ordinary profit has downwardly by 7.7%, from the previous forecast of 6.68 billion yen to 6.17 billion yen (compared to 5.6 billion yen in the previous period), leading to a reduction in the profit growth rate from 19.3% to 10.0%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit for the June to November period (second half) has downwardly by 13.1%, from the previous forecast of 3.93 billion yen to 3.42 billion yen (compared to 2.83 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 39.1% to 20.8%.

In the most recent three-month period, from June to August (3Q), the ordinary profit amounted to 1.9 billion yen, a 0.5% decrease compared to the same period last year. The operating profit margin decreased from 22.6% in the same period last year to 17.8%.

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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	18,739	3,265	3,270	1,962	98.1	85.8	Oct 14, 2022	J-GAAP
Dec - Aug, 2022	22,914	4,579	4,689	3,160	137.4	83.6	Oct 11, 2023	J-GAAP
Dec - Aug, 2023	26,982	4,438	4,653	3,126	135.6	75.4	Oct 15, 2024	J-GAAP
YoY	+17.8%	-3.1%	-0.8%	-1.1%	-1.3%

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	18,487	4,038	3,937	2,697	118.6	47	Jul 16, 2024	J-GAAP
Jun - Nov, 2024 New	18,487	3,322	3,420	2,292	100.8	47	Oct 15, 2024	J-GAAP
Revision Rate	0.0%	-17.7%	-13.1%	-15.0%	-15.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2024 Prev	35,627	6,725	6,688	4,548	199.9	92	Apr 15, 2024	J-GAAP
Nov, 2024 New	35,627	6,009	6,171	4,143	182.1	92	Oct 15, 2024	J-GAAP
Revision Rate	0.0%	-10.6%	-7.7%	-8.9%	-8.9%

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	15,983	2,860	2,831	2,244	97.5	90	Jan 15, 2024	J-GAAP
Jun - Nov, 2024 Guidance	18,487	3,322	3,420	2,292	100.8	47	Oct 15, 2024	J-GAAP
YoY	+15.7%	+16.2%	+20.8%	+2.1%	+3.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2022	25,605	3,824	3,813	2,366	115.0	0	Jan 13, 2023	J-GAAP
Nov, 2023	30,559	5,554	5,608	3,953	171.7	90	Jan 15, 2024	J-GAAP
Nov, 2024 Guidance	35,627	6,009	6,171	4,143	182.1	92	Oct 15, 2024	J-GAAP
YoY	+16.6%	+8.2%	+10.0%	+4.8%	+6.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	8,338	1,885	1,912	1,451	63.1	22.6	Oct 11, 2023	J-GAAP
Sep - Nov, 2023	7,645	975	919	793	34.5	12.8	Jan 15, 2024	J-GAAP
Dec - Feb, 2023	8,332	1,362	1,394	938	40.6	16.3	Apr 15, 2024	J-GAAP
Mar - May, 2024	8,808	1,325	1,357	913	39.5	15.0	Jul 16, 2024	J-GAAP
Jun - Aug, 2024	9,842	1,751	1,902	1,275	55.3	17.8	Oct 15, 2024	J-GAAP
YoY	+18.0%	-7.1%	-0.5%	-12.1%	-12.3%