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NEC Corporation, July-September (2Q) Net Income Decreases by 5%

Tue Oct 29, 2024 3:00 pm JST Earnings

6701 NEC Corporation 【IFRS】

Earnings Report

NEC Corporation <6701> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 29th (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 4.2% from the same period last year, reaching 13.4 billion yen. However, The progress rate against the 165 billion yen full-year plan was 8.2%, also falling below the five-year average of 11.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 10.9% from the same period last year, reaching 151 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 19.2 billion yen, a 5.0% decrease compared to the same period last year. However, the operating profit margin improved from 4.3% in the same period last year to 5.0%.

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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 1,455,371 13,867 24,111 3,973 2.9 14.4 Oct 28, 2022 IFRS
Apr - Sep, 2023 1,548,801 27,995 31,977 12,914 9.7 17.3 Oct 30, 2023 IFRS
Apr - Sep, 2024 1,486,676 44,693 26,677 13,460 10.1 Oct 29, 2024 IFRS
YoY -4.0% +59.6% -16.6% +4.2% +4.1%

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 14 Apr 26, 2024 IFRS
Apr - Sep, 2024 Results 1,486,676 44,693 26,677 13,460 10.1 14 Oct 29, 2024 IFRS
Revision Rate

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 1,928,461 160,017 153,034 136,607 102.6 12 Apr 26, 2024 IFRS
Oct - Mar, 2024 Guidance 1,883,324 14 Oct 29, 2024 IFRS
YoY -2.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 3,313,018 170,447 167,671 114,500 84.9 22 Apr 28, 2023 IFRS
Mar, 2024 3,477,262 188,012 185,011 149,521 112.3 24 Apr 26, 2024 IFRS
Mar, 2025 Guidance 3,370,000 28 Apr 26, 2024 IFRS
YoY -3.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 842,259 36,120 34,440 20,302 15.2 4.3 Oct 30, 2023 IFRS
Oct - Dec, 2023 844,475 41,820 36,177 21,126 15.9 5.0 Jan 30, 2024 IFRS
Jan - Mar, 2024 1,083,986 118,197 116,857 115,481 86.7 10.9 Apr 26, 2024 IFRS
Apr - Jun, 2024 690,296 4,540 -3,323 -5,836 -4.4 0.7 Jul 30, 2024 IFRS
Jul - Sep, 2024 796,380 40,153 30,000 19,296 14.5 5.0 Oct 29, 2024 IFRS
YoY -5.4% +11.2% -12.9% -5.0% -5.0%

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