FURUNO ELECTRIC CO., LTD., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 41% Increase, Adds to Record High Profit, Dividend Revised Upward by 35 yen

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Tue Oct 15, 2024 3:30 pm JST Earnings

6814 FURUNO ELECTRIC CO., LTD. 【J-GAAP】

Earnings Report

FURUNO ELECTRIC CO., LTD. <6814> [TSE-P] announced its financial results after the market closed on October 15th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) expanded to 7.51 billion yen, an increase of 66.1% compared to the same period last year, exceeded the previous forecast of 5.5 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 43.8%, from the previous forecast of 8 billion yen to 11.5 billion yen (compared to 8.16 billion yen in the previous period), record profits reach two consecutive terms, turning to a 40.8% increase in the consolidated ordinary profit outlook.

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 grow by 9.4% from the same period last year, reaching 3.98 billion yen.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 40 yen to 75 yen (compared to 60 yen in the previous period).

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit increased by 59.5% from the same period last year, reaching 4.37 billion yen. The operating profit margin drastically improved from 7.8% in the same period last year to 13.5%.

Kabutan News

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	43,425	796	1,722	1,537	48.7	66.4	Oct 14, 2022	J-GAAP
Mar - Aug, 2023	53,022	3,729	4,525	3,280	103.9	55.4	Oct 16, 2023	J-GAAP
Mar - Aug, 2024	62,801	7,299	7,514	5,067	160.4	65.3	Oct 15, 2024	J-GAAP
YoY	+18.4%	+95.7%	+66.1%	+54.5%	+54.4%

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	59,500	4,500	5,500	3,000	94.9	15	Jul 16, 2024	J-GAAP
Mar - Aug, 2024 Results	62,801	7,299	7,514	5,067	160.4	35	Oct 15, 2024	J-GAAP
Revision Rate	+5.5%	+62.2%	+36.6%	+68.9%	+69.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	117,000	6,500	8,000	4,000	126.6	40	Jul 16, 2024	J-GAAP
Feb, 2025 New	123,000	11,000	11,500	7,500	237.4	75	Oct 15, 2024	J-GAAP
Revision Rate	+5.1%	+69.2%	+43.8%	+87.5%	+87.5%

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	61,828	2,790	3,644	2,958	93.7	40	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	60,199	3,701	3,986	2,433	77.0	40	Oct 15, 2024	J-GAAP
YoY	-2.6%	+32.7%	+9.4%	-17.7%	-17.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	91,325	1,523	2,593	1,348	42.7	25	Apr 14, 2023	J-GAAP
Feb, 2024	114,850	6,519	8,169	6,238	197.6	60	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	123,000	11,000	11,500	7,500	237.4	75	Oct 15, 2024	J-GAAP
YoY	+7.1%	+68.7%	+40.8%	+20.2%	+20.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	29,170	2,274	2,744	2,139	67.8	7.8	Oct 16, 2023	J-GAAP
Sep - Nov, 2023	29,484	2,699	3,217	2,849	90.2	9.2	Jan 15, 2024	J-GAAP
Dec - Feb, 2023	32,344	91	427	109	3.5	0.3	Apr 15, 2024	J-GAAP
Mar - May, 2024	28,196	2,629	3,136	1,280	40.5	9.3	Jul 16, 2024	J-GAAP
Jun - Aug, 2024	34,605	4,670	4,378	3,787	119.9	13.5	Oct 15, 2024	J-GAAP
YoY	+18.6%	+105.4%	+59.5%	+77.0%	+76.9%