SMK Corporation, The Current Fiscal Year Operating Profit Turns to Profit, Exceeds Expectations, Dividend Revised Upward by 40 yen

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Tue Oct 29, 2024 1:30 pm JST Earnings

6798 SMK Corporation 【J-GAAP】

Earnings Report

SMK Corporation <6798> [TSE-P] announced its financial results in the afternoon session on October 29th (13:30). The consolidated operating profit/loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a profit of 108 million yen (compared to a loss of 177 million yen in the same period last year), reversing from the forecast of a loss of 500 million yen to a profit.

In addition, the full-year consolidated operating profit has been revised upward from an expected loss of 200 million yen to a profit of 200 million yen (compared to a loss of 1.24 billion yen in the previous period), turning to a profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated operating profit/loss for the October to March period (second half) is expected to turn into a profit of 92 million yen (compared to a loss of 1.06 billion yen in the same period last year).

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 100 yen to 140 yen (compared to 100 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated operating profit decreased to 172 million yen, a 17.3% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 1.7% in the same period last year to 1.4%.

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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	27,638	752	3,348	2,983	472.2	133.8	Oct 25, 2022	J-GAAP
Apr - Sep, 2023	23,075	-177	1,118	1,010	154.5	494.7	Oct 25, 2023	J-GAAP
Apr - Sep, 2024	23,614	108	74	-287	-45.4	12.3	Oct 29, 2024	J-GAAP
YoY	+2.3%	－	-93.4%	－	－

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	23,500	-500	-300	-400	-63.1	50	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	23,614	108	74	-287	-45.4	50	Oct 29, 2024	J-GAAP
Revision Rate	+0.5%	－	－	+28.2%	+28.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	50,000	-200	200	0	0.0	100	May 9, 2024	J-GAAP
Mar, 2025 New	48,000	200	600	200	31.6	140	Oct 29, 2024	J-GAAP
Revision Rate	-4.0%	－	+200.0%	－	－

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	23,447	-1,066	-892	-1,499	-229.9	50	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	24,386	92	526	487	76.9	90	Oct 29, 2024	J-GAAP
YoY	+4.0%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	54,842	1,128	2,503	1,334	209.1	100	Apr 28, 2023	J-GAAP
Mar, 2024	46,522	-1,243	226	-489	-75.0	100	May 9, 2024	J-GAAP
Mar, 2025 Guidance	48,000	200	600	200	31.6	140	Oct 29, 2024	J-GAAP
YoY	+3.2%	－	+165.5%	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	12,037	208	424	490	75.0	1.7	Oct 25, 2023	J-GAAP
Oct - Dec, 2023	11,168	-379	-1,079	-1,326	-202.8	-3.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	12,279	-687	187	-173	-26.5	-5.6	May 9, 2024	J-GAAP
Apr - Jun, 2024	11,726	-64	952	801	126.5	-0.5	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	11,888	172	-878	-1,088	-171.9	1.4	Oct 29, 2024	J-GAAP
YoY	-1.2%	-17.3%	－	－	－