ALPSALPINE CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 21%

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Wed Oct 30, 2024 3:00 pm JST Earnings

6770 ALPSALPINE CO., LTD. 【J-GAAP】

Earnings Report

ALPSALPINE CO., LTD. <6770> [TSE-P] announced its financial results after the market closed on October 30th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 51.6% from the same period last year to 8.19 billion yen, fell short of the previous forecast of 12.5 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 20.8%, from the previous forecast of 24 billion yen to 19 billion yen (compared to 24.8 billion yen in the previous period), leading to an increase in the profit decline rate from 3.3% to 23.4%.

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 37.3% from the same period last year, reaching 10.8 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 3.4 billion yen, a 76.6% decrease compared to the same period last year. The operating profit margin worsened from 5.1% in the same period last year to 3.9%.

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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	454,286	19,913	26,863	17,436	84.7	76.9	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	475,009	10,641	16,936	6,711	32.7	68.3	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	490,311	11,214	8,193	1,014	4.9	43.1	Oct 30, 2024	J-GAAP
YoY	+3.2%	+5.4%	-51.6%	-84.9%	-84.9%

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	485,000	10,000	12,500	2,000	9.7	30	Jul 31, 2024	J-GAAP
Apr - Sep, 2024 Results	490,311	11,214	8,193	1,014	4.9	30	Oct 30, 2024	J-GAAP
Revision Rate	+1.1%	+12.1%	-34.5%	-49.3%	-49.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	925,000	23,000	24,000	30,000	145.9	60	Jul 31, 2024	J-GAAP
Mar, 2025 New	940,000	23,000	19,000	30,000	145.9	60	Oct 30, 2024	J-GAAP
Revision Rate	+1.6%	0.0%	-20.8%	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	489,081	9,070	7,873	-36,525	-177.7	10	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	449,689	11,786	10,807	28,986	141.0	30	Oct 30, 2024	J-GAAP
YoY	-8.1%	+29.9%	+37.3%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	933,114	33,595	34,940	11,470	55.8	40	Apr 28, 2023	J-GAAP
Mar, 2024	964,090	19,711	24,809	-29,814	-145.0	30	May 9, 2024	J-GAAP
Mar, 2025 Guidance	940,000	23,000	19,000	30,000	145.9	60	Oct 30, 2024	J-GAAP
YoY	-2.5%	+16.7%	-23.4%	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	256,501	13,180	14,572	9,085	44.2	5.1	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	260,350	9,942	6,996	-27,087	-131.8	3.8	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	228,731	-872	877	-9,438	-45.9	-0.4	May 9, 2024	J-GAAP
Apr - Jun, 2024	233,593	1,224	4,787	445	2.2	0.5	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	256,718	9,990	3,406	569	2.8	3.9	Oct 30, 2024	J-GAAP
YoY	+0.1%	-24.2%	-76.6%	-93.7%	-93.7%