KOITO MANUFACTURING CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 16%

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Tue Oct 29, 2024 3:00 pm JST Earnings

7276 KOITO MANUFACTURING CO.,LTD. 【J-GAAP】

Earnings Report

KOITO MANUFACTURING CO.,LTD. <7276> [TSE-P] announced its financial results after the market closed on October 29th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 46.2% from the same period last year to 19.8 billion yen, fell short of the previous forecast of 24.5 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 15.6%, from the previous forecast of 54.5 billion yen to 46 billion yen (compared to 63.2 billion yen in the previous period), leading to an increase in the profit decline rate from 13.9% to 27.3%.

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 nearly flat at 26.1 billion yen, down 0.9% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 7.98 billion yen, a 57.9% decrease compared to the same period last year. The operating profit margin drastically worsened from 7.3% in the same period last year to 4.2%.

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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	415,611	19,790	22,407	7,026	21.9	46.2	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	468,153	32,513	36,909	25,524	80.8	58.3	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	444,073	18,067	19,871	11,282	37.3	43.2	Oct 29, 2024	J-GAAP
YoY	-5.1%	-44.4%	-46.2%	-55.8%	-53.8%

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	452,000	20,500	24,500	14,500	48.7	28	Jul 29, 2024	J-GAAP
Apr - Sep, 2024 Results	444,073	18,067	19,871	11,282	37.3	28	Oct 29, 2024	J-GAAP
Revision Rate	-1.8%	-11.9%	-18.9%	-22.2%	-23.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	928,500	49,000	54,500	37,000	127.2	56	Jul 29, 2024	J-GAAP
Mar, 2025 New	912,000	43,000	46,000	31,000	106.6	56	Oct 29, 2024	J-GAAP
Revision Rate	-1.8%	-12.2%	-15.6%	-16.2%	-16.2%

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	482,142	23,482	26,356	15,355	49.2	28	Apr 25, 2024	J-GAAP
Oct - Mar, 2024 Guidance	467,927	24,933	26,129	19,718	67.8	28	Oct 29, 2024	J-GAAP
YoY	-2.9%	+6.2%	-0.9%	+28.4%	+37.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	864,719	46,847	48,532	29,660	92.3	28	Apr 26, 2023	J-GAAP
Mar, 2024	950,295	55,995	63,265	40,879	130.9	53	Apr 25, 2024	J-GAAP
Mar, 2025 Guidance	912,000	43,000	46,000	31,000	106.6	56	Oct 29, 2024	J-GAAP
YoY	-4.0%	-23.2%	-27.3%	-24.2%	-18.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	242,158	17,772	18,968	10,939	34.6	7.3	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	246,808	16,028	16,240	11,187	35.7	6.5	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	235,334	7,454	10,116	4,168	13.4	3.2	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	229,772	9,045	11,886	7,296	23.9	3.9	Jul 29, 2024	J-GAAP
Jul - Sep, 2024	214,301	9,022	7,985	3,986	13.2	4.2	Oct 29, 2024	J-GAAP
YoY	-11.5%	-49.2%	-57.9%	-63.6%	-61.9%