ZEON CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 9% Decrease, Dividend Revised Upward by 23 yen

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Mon Oct 28, 2024 3:00 pm JST Earnings

4205 ZEON CORPORATION 【J-GAAP】

Earnings Report

ZEON CORPORATION <4205> [TSE-P] announced its financial results after the market closed on October 28th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 18.5 billion yen, an increase of 42.6% compared to the same period last year.

However, the full-year consolidated ordinary profit has downwardly by 10.9%, from the previous forecast of 27.5 billion yen to 24.5 billion yen (compared to 26.9 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 8.9% decrease in profit. However, the full-year consolidated net income has been revised upward by 8.6%, from the previous forecast of 17.5 billion yen to 19 billion yen (compared to 31.1 billion yen in the previous period), and the declining rate is expected to decrease from 43.7% to 38.9%.

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 October to March period (second half) is expected to significant drop by 57.4% from the same period last year to 5.91 billion yen.

At the same time, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 47 yen to 70 yen (compared to 45 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 34.5% from the same period last year, reaching 6.35 billion yen. The operating profit margin significantly improved from 3.6% in the same period last year to 7.2%.

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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	197,417	20,184	24,400	17,419	82.2	77.7	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	185,442	9,461	13,034	10,359	49.0	48.4	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	213,350	16,802	18,587	12,300	58.5	75.9	Oct 28, 2024	J-GAAP
YoY	+15.0%	+77.6%	+42.6%	+18.7%	+19.3%

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	210,000	15,000	19,000	12,000	57.5	23	Jul 29, 2024	J-GAAP
Apr - Sep, 2024 Results	213,350	16,802	18,587	12,300	58.5	35	Oct 28, 2024	J-GAAP
Revision Rate	+1.6%	+12.0%	-2.2%	+2.5%	+1.8%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	397,000	26,500	27,500	17,500	88.4	47	Apr 25, 2024	J-GAAP
Mar, 2025 New	415,000	23,500	24,500	19,000	96.0	70	Oct 28, 2024	J-GAAP
Revision Rate	+4.5%	-11.3%	-10.9%	+8.6%	+8.6%

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	196,837	11,039	13,872	20,742	98.2	25	Apr 25, 2024	J-GAAP
Oct - Mar, 2024 Guidance	201,650	6,698	5,913	6,700	33.9	35	Oct 28, 2024	J-GAAP
YoY	+2.4%	-39.3%	-57.4%	-67.7%	-65.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	388,614	27,179	31,393	10,569	49.9	36	Apr 26, 2023	J-GAAP
Mar, 2024	382,279	20,500	26,906	31,101	147.2	45	Apr 25, 2024	J-GAAP
Mar, 2025 Guidance	415,000	23,500	24,500	19,000	96.0	70	Oct 28, 2024	J-GAAP
YoY	+8.6%	+14.6%	-8.9%	-38.9%	-34.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	93,515	3,347	4,728	4,523	21.4	3.6	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	98,364	6,525	6,878	10,549	49.9	6.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	98,473	4,514	6,994	10,193	48.2	4.6	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	106,105	9,041	12,228	8,190	38.8	8.5	Jul 29, 2024	J-GAAP
Jul - Sep, 2024	107,245	7,761	6,359	4,110	19.5	7.2	Oct 28, 2024	J-GAAP
YoY	+14.7%	+131.9%	+34.5%	-9.1%	-8.7%