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

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 1,373 1,588 803 25.0 25.8 Oct 29, 2024 J-GAAP
YoY +18.5% -45.7% -44.0% -58.7% -51.0%

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 1,373 1,588 803 25.0 35 Oct 29, 2024 J-GAAP
Revision Rate -0.7% -47.2% -44.3% -60.2% -61.3%

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 4,850 156.7 70 May 13, 2024 J-GAAP
Mar, 2025 New 76,500 6,000 6,150 3,650 117.9 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 4,627 4,562 2,847 92.0 35 Oct 29, 2024 J-GAAP
YoY +24.5% +22.8% +10.4% +4.4% +20.1%

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 3,650 117.9 70 Oct 29, 2024 J-GAAP
YoY +21.8% -4.7% -11.8% -21.9% -10.1%

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 15,542 419 603 231 7.1 2.7 Jul 29, 2024 J-GAAP
Jul - Sep, 2024 17,511 954 985 572 17.8 5.4 Oct 29, 2024 J-GAAP
YoY +23.6% -27.5% -30.8% -48.0% -38.4%

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