TOTO LTD., The Current Fiscal Year Net Income Revised Downward to an Unexpected 3% Decrease

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Mon Oct 28, 2024 3:00 pm JST Earnings

5332 TOTO LTD. 【J-GAAP】

Earnings Report

TOTO LTD. <5332> [TSE-P] announced its financial results after the market closed on October 28th (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 16.9 billion yen, a 1.6% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 13.1% decrease.

However, the full-year consolidated net income has downwardly by 4.0%, from the previous forecast of 37.5 billion yen to 36 billion yen (compared to 37.1 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 3.2% 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 decrease by 7.2% from the same period last year to 19 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 8.21 billion yen, a 25.1% decrease compared to the same period last year. However, the operating profit margin improved from 6.2% in the same period last year to 7.5%.

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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	327,688	20,649	28,945	18,852	111.2	52.9	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	339,741	15,269	22,861	16,677	98.3	44.4	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	355,735	24,142	22,671	16,949	99.9	47.2	Oct 28, 2024	J-GAAP
YoY	+4.7%	+58.1%	-0.8%	+1.6%	+1.6%

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	355,500	16,000	16,500	14,500	85.5	50	Apr 26, 2024	J-GAAP
Apr - Sep, 2024 Results	355,735	24,142	22,671	16,949	99.9	50	Oct 28, 2024	J-GAAP
Revision Rate	+0.1%	+50.9%	+37.4%	+16.9%	+16.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	750,000	48,000	48,000	37,500	221.0	100	Apr 26, 2024	J-GAAP
Mar, 2025 New	730,000	48,000	48,000	36,000	212.2	100	Oct 28, 2024	J-GAAP
Revision Rate	-2.7%	0.0%	0.0%	-4.0%	-4.0%

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	362,543	27,497	28,654	20,519	121.0	50	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	374,265	23,858	25,329	19,051	112.3	50	Oct 28, 2024	J-GAAP
YoY	+3.2%	-13.2%	-11.6%	-7.2%	-7.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	701,187	49,121	54,760	38,943	229.7	100	Apr 28, 2023	J-GAAP
Mar, 2024	702,284	42,766	51,515	37,196	219.3	100	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	730,000	48,000	48,000	36,000	212.2	100	Oct 28, 2024	J-GAAP
YoY	+3.9%	+12.2%	-6.8%	-3.2%	-3.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	183,133	11,268	13,527	10,954	64.6	6.2	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	185,024	17,640	14,708	9,817	57.9	9.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	177,519	9,857	13,946	10,702	63.1	5.6	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	164,513	9,800	14,382	8,739	51.5	6.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	191,222	14,342	8,289	8,210	48.4	7.5	Oct 28, 2024	J-GAAP
YoY	+4.4%	+27.3%	-38.7%	-25.1%	-25.1%