TOENEC CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 13% Increase, Highest in Four Terms

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Tue Oct 29, 2024 3:40 pm JST Earnings

1946 TOENEC CORPORATION 【J-GAAP】

Earnings Report

TOENEC CORPORATION <1946> [TSE-P] announced its financial results after the market closed on October 29th (15:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 9.3% from the same period last year to 5.89 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 19.2%, from the previous forecast of 12 billion yen to 14.3 billion yen (compared to 12.6 billion yen in the previous period), reaches new record high for the first time in four terms, turning to a 12.8% 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 expand by 36.1% from the same period last year, reaching 8.4 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3.25 billion yen, a 10.9% decrease compared to the same period last year. The operating profit margin worsened from 6.3% in the same period last year to 5.7%.

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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	107,608	4,768	4,120	-7,133	-76.3	45.9	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	120,581	6,908	6,501	4,072	43.6	51.3	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	126,846	6,467	5,894	2,865	30.7	41.2	Oct 29, 2024	J-GAAP
YoY	+5.2%	-6.4%	-9.3%	-29.6%	-29.5%

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	125,000	6,200	6,000	4,200	45.1	20	Apr 26, 2024	J-GAAP
Apr - Sep, 2024 Results	126,846	6,467	5,894	2,865	30.7	20	Oct 29, 2024	J-GAAP
Revision Rate	+1.5%	+4.3%	-1.8%	-31.8%	-31.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	263,000	13,000	12,000	8,400	90.5	40	May 30, 2024	J-GAAP
Mar, 2025 New	275,000	15,000	14,300	8,700	93.7	40	Oct 29, 2024	J-GAAP
Revision Rate	+4.6%	+15.4%	+19.2%	+3.6%	+3.6%

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	132,282	9,002	6,178	5,273	56.4	28	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	148,154	8,533	8,406	5,835	62.9	20	Oct 29, 2024	J-GAAP
YoY	+12.0%	-5.2%	+36.1%	+10.7%	+11.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	232,053	10,287	8,983	-5,548	-59.4	19	Apr 28, 2023	J-GAAP
Mar, 2024	252,863	15,910	12,679	9,345	100.0	40	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	275,000	15,000	14,300	8,700	93.7	40	Oct 29, 2024	J-GAAP
YoY	+8.8%	-5.7%	+12.8%	-6.9%	-6.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	62,555	3,971	3,652	2,353	25.2	6.3	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	61,890	3,058	2,493	1,285	13.8	4.9	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	70,392	5,944	3,685	3,988	42.7	8.4	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	59,980	2,679	2,641	1,917	20.5	4.5	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	66,866	3,788	3,253	948	10.2	5.7	Oct 29, 2024	J-GAAP
YoY	+6.9%	-4.6%	-10.9%	-59.7%	-59.6%