Hitachi Construction Machinery Co., Ltd., The Current Fiscal Year Net Income Revised Downward to an Unexpected 14% Decrease

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Fri Oct 25, 2024 3:00 pm JST Earnings

6305 Hitachi Construction Machinery Co., Ltd. 【IFRS】

Earnings Report

Hitachi Construction Machinery Co., Ltd. <6305> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 25th (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 44.8% from the same period last year to 31.7 billion yen.

In addition, the full-year consolidated net income has downwardly by 18.4%, from the previous forecast of 98 billion yen to 80 billion yen (compared to 93.2 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 14.2% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 34.8% from the same period last year, reaching 48.2 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 7.16 billion yen, a 72.5% decrease compared to the same period last year. The operating profit margin decreased from 12.8% in the same period last year to 11.5%.

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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
Apr - Sep, 2022	578,902	52,068	55,192	35,681	167.8	48.0	Oct 26, 2022	IFRS
Apr - Sep, 2023	665,763	82,428	84,794	57,500	270.4	52.8	Oct 26, 2023	IFRS
Apr - Sep, 2024	665,737	71,314	54,493	31,747	149.3	42.9	Oct 25, 2024	IFRS
YoY	0.0%	-13.5%	-35.7%	-44.8%	-44.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	65	Apr 24, 2024	IFRS
Apr - Sep, 2024 Results	665,737	71,314	54,493	31,747	149.3	65	Oct 25, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,370,000	165,000	151,000	98,000	460.7	175	Apr 24, 2024	IFRS
Mar, 2025 New	1,350,000	151,000	127,000	80,000	376.1	175	Oct 25, 2024	IFRS
Revision Rate	-1.5%	-8.5%	-15.9%	-18.4%	-18.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	740,165	85,600	75,682	35,794	168.3	65	Apr 24, 2024	IFRS
Oct - Mar, 2024 Guidance	684,263	79,686	72,507	48,253	226.9	110	Oct 25, 2024	IFRS
YoY	-7.6%	-6.9%	-4.2%	+34.8%	+34.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,264,927	136,645	115,013	70,175	330.0	110	Apr 26, 2023	IFRS
Mar, 2024	1,405,928	168,028	160,476	93,294	438.7	150	Apr 24, 2024	IFRS
Mar, 2025 Guidance	1,350,000	151,000	127,000	80,000	376.1	175	Oct 25, 2024	IFRS
YoY	-4.0%	-10.1%	-20.9%	-14.2%	-14.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	349,910	44,854	41,216	26,081	122.6	12.8	Oct 26, 2023	IFRS
Oct - Dec, 2023	354,606	40,356	25,107	13,574	63.8	11.4	Jan 26, 2024	IFRS
Jan - Mar, 2024	385,559	45,244	50,575	22,220	104.5	11.7	Apr 24, 2024	IFRS
Apr - Jun, 2024	328,217	32,504	39,067	24,583	115.6	9.9	Jul 26, 2024	IFRS
Jul - Sep, 2024	337,520	38,810	15,426	7,164	33.7	11.5	Oct 25, 2024	IFRS
YoY	-3.5%	-13.5%	-62.6%	-72.5%	-72.5%