NITTO DENKO CORPORATION, First Half Net Income Increases by 81%, July-September Net Income Increases by 51%

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Mon Oct 28, 2024 4:00 pm JST Earnings

6988 NITTO DENKO CORPORATION 【IFRS】

Earnings Report

NITTO DENKO CORPORATION <6988> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 28th (16:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 79.9 billion yen, an increase of 80.9% compared to the same period last year. The progress rate against the 130 billion yen full-year plan was 61.5%, also surpassing the five-year average of 52.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease by 14.4% from the same period last year to 50 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased by 50.9% from the same period last year, reaching 43.8 billion yen. The operating profit margin rose from 17.5% in the same period last year to 21.5%.

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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	484,909	92,279	92,035	63,398	85.7	62.7	Oct 26, 2022	IFRS
Apr - Sep, 2023	449,344	64,472	64,240	44,216	61.8	46.2	Oct 26, 2023	IFRS
Apr - Sep, 2024	521,723	109,267	108,932	79,975	113.9	60.5	Oct 28, 2024	IFRS
YoY	+16.1%	+69.5%	+69.6%	+80.9%	+84.4%

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	523,000	112,000	111,900	80,000	114.0	28	Jul 26, 2024	IFRS
Apr - Sep, 2024 Results	521,723	109,267	108,932	79,975	113.9	28	Oct 28, 2024	IFRS
Revision Rate	-0.2%	-2.4%	-2.7%	0.0%	-0.1%

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	465,795	74,660	74,661	58,463	81.9	26	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	460,277	70,733	71,068	50,025	71.3	28	Oct 28, 2024	IFRS
YoY	-1.2%	-5.3%	-4.8%	-14.4%	-13.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	929,036	147,173	146,840	109,173	147.8	48	Apr 26, 2023	IFRS
Mar, 2024	915,139	139,132	138,901	102,679	143.9	52	Apr 26, 2024	IFRS
Mar, 2025 Guidance	982,000	180,000	180,000	130,000	185.2	56	Jul 26, 2024	IFRS
YoY	+7.3%	+29.4%	+29.6%	+26.6%	+28.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	240,889	42,061	42,064	29,048	40.6	17.5	Oct 26, 2023	IFRS
Oct - Dec, 2023	244,556	47,857	47,785	37,384	52.3	19.6	Jan 26, 2024	IFRS
Jan - Mar, 2024	221,239	26,803	26,876	21,079	29.5	12.1	Apr 26, 2024	IFRS
Apr - Jun, 2024	249,310	50,696	50,599	36,128	51.5	20.3	Jul 26, 2024	IFRS
Jul - Sep, 2024	272,413	58,571	58,333	43,847	62.5	21.5	Oct 28, 2024	IFRS
YoY	+13.1%	+39.3%	+38.7%	+50.9%	+53.9%