TOHO CO., LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 5%

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Tue Oct 15, 2024 3:00 pm JST Earnings

9602 TOHO CO., LTD. 【J-GAAP】

Earnings Report

TOHO CO., LTD. <9602> [TSE-P] announced its financial results after the market closed on October 15th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) increased by 21.0% from the same period last year, reaching 39.7 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 5.3%, from the previous forecast of 57 billion yen to 60 billion yen (compared to 63 billion yen in the previous period), and the declining rate is expected to decrease from 9.6% to 4.8%.

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 drop by 32.9% from the same period last year to 20.2 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit grew by 16.7% from the same period last year, reaching 16.4 billion yen. The operating profit margin rose from 19.0% in the same period last year to 21.0%.

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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	120,353	25,984	30,213	21,558	122.2	63.2	Oct 12, 2022	J-GAAP
Mar - Aug, 2023	139,642	30,752	32,881	21,751	124.6	52.2	Oct 11, 2023	J-GAAP
Mar - Aug, 2024	163,681	40,915	39,781	26,485	155.1	66.3	Oct 15, 2024	J-GAAP
YoY	+17.2%	+33.0%	+21.0%	+21.8%	+24.5%

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	－	35	Apr 15, 2024	J-GAAP
Mar - Aug, 2024 Results	163,681	40,915	39,781	26,485	155.1	35	Oct 15, 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	280,000	55,000	57,000	39,000	230.0	70	Apr 15, 2024	J-GAAP
Feb, 2025 New	297,000	62,000	60,000	40,000	235.9	70	Oct 15, 2024	J-GAAP
Revision Rate	+6.1%	+12.7%	+5.3%	+2.6%	+2.6%

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	143,705	28,499	30,143	23,532	134.9	65	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	133,319	21,085	20,219	13,515	79.7	35	Oct 15, 2024	J-GAAP
YoY	-7.2%	-26.0%	-32.9%	-42.6%	-40.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	244,295	44,880	47,815	33,430	190.4	60	Apr 13, 2023	J-GAAP
Feb, 2024	283,347	59,251	63,024	45,283	259.5	85	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	297,000	62,000	60,000	40,000	235.9	70	Oct 15, 2024	J-GAAP
YoY	+4.8%	+4.6%	-4.8%	-11.7%	-9.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	65,489	12,428	14,079	9,460	54.2	19.0	Oct 11, 2023	J-GAAP
Sep - Nov, 2023	63,458	10,858	11,301	6,651	38.1	17.1	Jan 15, 2024	J-GAAP
Dec - Feb, 2023	80,247	17,641	18,842	16,881	96.7	22.0	Apr 15, 2024	J-GAAP
Mar - May, 2024	85,976	24,576	23,351	16,149	94.1	28.6	Jul 16, 2024	J-GAAP
Jun - Aug, 2024	77,705	16,339	16,430	10,336	60.5	21.0	Oct 15, 2024	J-GAAP
YoY	+18.7%	+31.5%	+16.7%	+9.3%	+11.7%