SHIMANO INC., The Current Fiscal Year Ordinary Profit Revised Downward by 23%

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Tue Oct 29, 2024 3:30 pm JST Earnings

7309 SHIMANO INC. 【J-GAAP】

Earnings Report

SHIMANO INC. <7309> [TSE-P] announced its financial results after the market closed on October 29th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 39.4% from the same period last year to 58.2 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 22.5%, from the previous forecast of 100 billion yen to 77.5 billion yen (compared to 103 billion yen in the previous period), leading to an increase in the profit decline rate from 3.3% to 25.0%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 50.7%, from the previous forecast of 44.3 billion yen to 21.8 billion yen (compared to 34.9 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 37.4% decrease in profit.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit significantly dropped to 2.63 billion yen, a 90.5% decrease compared to the same period last year. However, the operating profit margin rose from 16.2% in the same period last year to 16.7%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	467,665	126,576	149,862	113,486	1,245.0	84.9	Oct 25, 2022	J-GAAP
Jan - Sep, 2023	375,264	72,086	96,221	60,169	665.4	93.1	Oct 24, 2023	J-GAAP
Jan - Sep, 2024	334,879	50,651	58,262	41,343	461.7	75.2	Oct 29, 2024	J-GAAP
YoY	-10.8%	-29.7%	-39.4%	-31.3%	-30.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	233,113	35,045	44,375	33,296	373.8	154.50	Jul 30, 2024	J-GAAP
Jul - Dec, 2024 New	233,113	35,045	21,875	12,296	138.1	154.50	Oct 29, 2024	J-GAAP
Revision Rate	0.0%	0.0%	-50.7%	-63.1%	-63.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	450,000	66,000	100,000	77,000	864.5	309	Jul 30, 2024	J-GAAP
Dec, 2024 New	450,000	66,000	77,500	56,000	628.8	309	Oct 29, 2024	J-GAAP
Revision Rate	0.0%	0.0%	-22.5%	-27.3%	-27.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	211,112	29,745	34,960	10,764	119.1	142.50	Feb 13, 2024	J-GAAP
Jul - Dec, 2024 Guidance	233,113	35,045	21,875	12,296	138.1	154.50	Oct 29, 2024	J-GAAP
YoY	+10.4%	+17.8%	-37.4%	+14.2%	+15.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	628,909	169,158	176,568	128,178	1,408.2	260	Feb 14, 2023	J-GAAP
Dec, 2023	474,362	83,653	103,369	61,142	676.8	285	Feb 13, 2024	J-GAAP
Dec, 2024 Guidance	450,000	66,000	77,500	56,000	628.8	309	Oct 29, 2024	J-GAAP
YoY	-5.1%	-21.1%	-25.0%	-8.4%	-7.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	112,014	18,178	27,812	9,791	108.3	16.2	Oct 24, 2023	J-GAAP
Oct - Dec, 2023	99,098	11,567	7,148	973	10.8	11.7	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	100,557	13,421	28,852	23,687	263.7	13.3	Apr 23, 2024	J-GAAP
Apr - Jun, 2024	116,330	17,534	26,773	20,017	223.3	15.1	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	117,992	19,696	2,637	-2,361	-26.4	16.7	Oct 29, 2024	J-GAAP
YoY	+5.3%	+8.4%	-90.5%	－	－