Central Japan Railway Company, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 3% Increase

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Tue Oct 29, 2024 3:30 pm JST Earnings

9022 Central Japan Railway Company 【J-GAAP】

Earnings Report

Central Japan Railway Company <9022> [TSE-P] announced its financial results after the market closed on October 29th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 20.4% from the same period last year, reaching 335 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 3.3%, from the previous forecast of 545 billion yen to 563 billion yen (compared to 546 billion yen in the previous period), turning to a 2.9% increase in the consolidated ordinary profit outlook.

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 decrease by 15.2% from the same period last year to 227 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 10.0% from the same period last year, reaching 164 billion yen. The operating profit margin rose from 39.2% in the same period last year to 41.2%.

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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	634,139	171,926	136,290	96,949	98.5	44.3	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	817,545	312,092	278,623	195,079	198.3	50.9	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	873,865	365,209	335,467	233,647	237.5	59.6	Oct 29, 2024	J-GAAP
YoY	+6.9%	+17.0%	+20.4%	+19.8%	+19.8%

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	ー	ー	ー	ー	－	15	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	873,865	365,209	335,467	233,647	237.5	15	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	1,740,000	608,000	545,000	381,000	387.2	30	Apr 30, 2024	J-GAAP
Mar, 2025 New	1,762,000	624,000	563,000	392,000	398.4	30	Oct 29, 2024	J-GAAP
Revision Rate	+1.3%	+2.6%	+3.3%	+2.9%	+2.9%

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	892,862	295,289	268,323	189,332	192.4	15	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	888,135	258,791	227,533	158,353	160.9	15	Oct 29, 2024	J-GAAP
YoY	-0.5%	-12.4%	-15.2%	-16.4%	-16.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,400,285	374,503	307,485	219,417	223.0	27	Apr 26, 2023	J-GAAP
Mar, 2024	1,710,407	607,381	546,946	384,411	390.7	29	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	1,762,000	624,000	563,000	392,000	398.4	30	Oct 29, 2024	J-GAAP
YoY	+3.0%	+2.7%	+2.9%	+2.0%	+2.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	422,454	165,574	149,280	104,530	106.2	39.2	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	455,472	190,505	176,492	123,691	125.7	41.8	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	437,390	104,784	91,831	65,641	66.7	24.0	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	435,290	184,327	171,278	119,786	121.7	42.3	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	438,575	180,882	164,189	113,861	115.7	41.2	Oct 29, 2024	J-GAAP
YoY	+3.8%	+9.2%	+10.0%	+8.9%	+8.9%