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NEC Networks & System Integration Corporation, First Half Ordinary Profit Increases by 26%, Second Half Dividend Postponed

Tue Oct 29, 2024 3:00 pm JST Earnings

1973 NEC Networks & System Integration Corporation 【J-GAAP】

Earnings Report

NEC Networks & System Integration Corporation <1973> [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) increased by 26.0% from the same period last year, reaching 7.76 billion yen. However, The progress rate against the 29 billion yen full-year plan was 26.8%, almost the same as the five-year average of 26.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 14.7% from the same period last year, reaching 21.2 billion yen.

At the same time, In conjunction with a Tender Offer Bid (TOB), the company has decided to forgo the the second half of 28 yen for the current fiscal year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 8.2% from the same period last year, reaching 5.45 billion yen. However, the operating profit margin remained almost flat, changing from 6.1% in the same period last year to 5.9%.

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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 142,686 4,643 4,762 2,699 18.1 20.7 Oct 28, 2022 J-GAAP
Apr - Sep, 2023 155,195 6,224 6,161 3,600 24.2 25.0 Oct 30, 2023 J-GAAP
Apr - Sep, 2024 172,040 7,832 7,760 3,848 25.8 26.8 Oct 29, 2024 J-GAAP
YoY +10.9% +25.8% +26.0% +6.9% +6.9%

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 28 Apr 26, 2024 J-GAAP
Apr - Sep, 2024 Results 172,040 7,832 7,760 3,848 25.8 28 Oct 29, 2024 J-GAAP
Revision Rate

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 365,000 29,000 29,000 18,000 120.8 56 Apr 26, 2024 J-GAAP
Mar, 2025 New 365,000 29,000 29,000 18,000 120.8 28 Oct 29, 2024 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% 0.0%

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 204,310 18,896 18,523 11,729 78.7 24.50 Apr 26, 2024 J-GAAP
Oct - Mar, 2024 Guidance 192,960 21,168 21,240 14,152 95.0 0 Oct 29, 2024 J-GAAP
YoY -5.6% +12.0% +14.7% +20.7% +20.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 320,802 22,751 22,970 13,813 92.7 46 Apr 28, 2023 J-GAAP
Mar, 2024 359,505 25,120 24,684 15,329 102.9 49 Apr 26, 2024 J-GAAP
Mar, 2025 Guidance 365,000 29,000 29,000 18,000 120.8 28 Oct 29, 2024 J-GAAP
YoY +1.5% +15.4% +17.5% +17.4% +17.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 83,512 5,106 5,045 3,418 23.0 6.1 Oct 30, 2023 J-GAAP
Oct - Dec, 2023 94,244 6,226 6,029 4,098 27.5 6.6 Jan 30, 2024 J-GAAP
Jan - Mar, 2024 110,066 12,670 12,494 7,631 51.2 11.5 Apr 26, 2024 J-GAAP
Apr - Jun, 2024 79,127 2,384 2,302 1,518 10.2 3.0 Jul 30, 2024 J-GAAP
Jul - Sep, 2024 92,913 5,448 5,458 2,330 15.6 5.9 Oct 29, 2024 J-GAAP
YoY +11.3% +6.7% +8.2% -31.8% -31.9%

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