SUGIMOTO & CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 4%Decrease

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Tue Oct 29, 2024 11:00 am JST Earnings

9932 SUGIMOTO & CO.,LTD. 【J-GAAP】

Earnings Report

SUGIMOTO & CO.,LTD. <9932> [TSE-P] announced its financial results in the morning on October 29th (11:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 4.3% from the same period last year to 1.14 billion yen, resulting in a decrease in profits compared to the previous forecast of a 0.8% increase.

The progress rate against the 2.88 billion yen full-year plan was 39.7%, almost the same as the five-year average of 41.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 6.6% from the same period last year, reaching 1.73 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 4.7% from the same period last year, reaching 664 million yen. However, the operating profit margin remained almost flat, changing from 4.5% in the same period last year to 4.3%.

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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	21,145	777	1,023	836	41.5	38.2	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	22,057	906	1,196	775	38.5	42.4	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	23,175	904	1,144	746	37.6	39.7	Oct 29, 2024	J-GAAP
YoY	+5.1%	-0.2%	-4.3%	-3.7%	-2.4%

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	23,620	945	1,205	795	40.7	17.50	Apr 25, 2024	J-GAAP
Apr - Sep, 2024 Results	23,175	904	1,144	746	37.6	17.50	Oct 29, 2024	J-GAAP
Revision Rate	-1.9%	-4.3%	-5.1%	-6.2%	-7.8%

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	24,579	1,375	1,628	1,101	54.7	17.50	Apr 25, 2024	J-GAAP
Oct - Mar, 2024 Guidance	27,025	1,456	1,736	1,154	60.2	20	Oct 29, 2024	J-GAAP
YoY	+10.0%	+5.9%	+6.6%	+4.8%	+10.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	45,558	2,177	2,679	2,101	104.3	32.50	Apr 26, 2023	J-GAAP
Mar, 2024	46,636	2,281	2,824	1,876	93.1	35	Apr 25, 2024	J-GAAP
Mar, 2025 Guidance	50,200	2,360	2,880	1,900	99.2	37.50	Aug 20, 2024	J-GAAP
YoY	+7.6%	+3.5%	+2.0%	+1.3%	+6.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	11,216	500	634	415	20.6	4.5	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	13,307	976	1,089	722	35.8	7.3	Jan 29, 2024	J-GAAP
Jan - Mar, 2024	11,272	399	539	379	18.8	3.5	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	10,976	375	480	314	15.7	3.4	Jul 29, 2024	J-GAAP
Jul - Sep, 2024	12,199	529	664	432	21.8	4.3	Oct 29, 2024	J-GAAP
YoY	+8.8%	+5.8%	+4.7%	+4.1%	+5.5%