Sekisui Jushi Corporation, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 12% Decrease

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Tue Oct 29, 2024 3:00 pm JST Earnings

4212 Sekisui Jushi Corporation 【J-GAAP】

Earnings Report

Sekisui Jushi Corporation <4212> [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 32.7% from the same period last year to 1.91 billion yen, resulting in a decrease in profits compared to the previous forecast of a 0.5% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 12.1%, from the previous forecast of 7 billion yen to 6.15 billion yen (compared to 6.96 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 11.8% decrease in profit.

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 grow by 2.6% from the same period last year, reaching 4.24 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 982 million yen, a 31.0% decrease compared to the same period last year. The operating profit margin drastically worsened from 9.3% in the same period last year to 5.4%.

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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	29,219	3,617	3,892	2,490	60.8	41.0	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	27,886	2,529	2,837	1,944	51.1	40.7	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	33,053	1,694	1,910	964	30.0	31.1	Oct 29, 2024	J-GAAP
YoY	+18.5%	-33.0%	-32.7%	-50.4%	-41.2%

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	33,300	2,600	2,850	2,020	64.6	35	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	33,053	1,694	1,910	964	30.0	35	Oct 29, 2024	J-GAAP
Revision Rate	-0.7%	-34.8%	-33.0%	-52.3%	-53.5%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	75,500	6,500	7,000	4,850	155.2	70	May 13, 2024	J-GAAP
Mar, 2025 New	76,500	6,000	6,150	3,650	116.8	70	Oct 29, 2024	J-GAAP
Revision Rate	+1.3%	-7.7%	-12.1%	-24.7%	-24.7%

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	34,904	3,769	4,132	2,727	76.6	32	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	43,447	4,306	4,240	2,686	85.9	35	Oct 29, 2024	J-GAAP
YoY	+24.5%	+14.2%	+2.6%	-1.5%	+12.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	65,897	9,007	9,501	6,653	163.8	63	Apr 27, 2023	J-GAAP
Mar, 2024	62,790	6,298	6,969	4,671	131.2	65	May 13, 2024	J-GAAP
Mar, 2025 Guidance	76,500	6,000	6,150	3,650	116.8	70	Oct 29, 2024	J-GAAP
YoY	+21.8%	-4.7%	-11.8%	-21.9%	-11.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	14,170	1,315	1,424	1,101	28.9	9.3	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	15,397	1,384	1,430	958	26.3	9.0	Jan 29, 2024	J-GAAP
Jan - Mar, 2024	19,507	2,385	2,702	1,769	49.7	12.2	May 13, 2024	J-GAAP
Apr - Jun, 2024	15,542	744	928	428	13.2	4.8	Jul 29, 2024	J-GAAP
Jul - Sep, 2024	17,511	950	982	536	16.7	5.4	Oct 29, 2024	J-GAAP
YoY	+23.6%	-27.8%	-31.0%	-51.3%	-42.3%