KYOEI SANGYO CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 15%

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Wed Oct 30, 2024 3:00 pm JST Earnings

6973 KYOEI SANGYO CO.,LTD. 【J-GAAP】

Earnings Report

KYOEI SANGYO CO.,LTD. <6973> [TSE-S] 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 56.4% from the same period last year to 405 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 15.4%, from the previous forecast of 1.3 billion yen to 1.1 billion yen (compared to 1.73 billion yen in the previous period), leading to an increase in the profit decline rate from 25.2% to 36.7%.

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 14.0% from the same period last year to 695 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 246 million yen, a 49.8% decrease compared to the same period last year. The operating profit margin worsened from 3.1% in the same period last year to 0.5%.

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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	31,003	1,083	1,095	670	223.0	70.2	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	31,519	823	929	670	223.2	53.5	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	29,268	210	405	678	225.6	36.8	Oct 30, 2024	J-GAAP
YoY	-7.1%	-74.5%	-56.4%	+1.2%	+1.1%

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	29,000	500	420	400	133.0	55	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	29,268	210	405	678	225.6	55	Oct 30, 2024	J-GAAP
Revision Rate	+0.9%	-58.0%	-3.6%	+69.5%	+69.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	58,000	1,400	1,300	1,400	465.3	110	May 13, 2024	J-GAAP
Mar, 2025 New	58,000	900	1,100	1,200	398.8	110	Oct 30, 2024	J-GAAP
Revision Rate	0.0%	-35.7%	-15.4%	-14.3%	-14.3%

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	30,160	829	808	667	222.0	55	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	28,732	690	695	522	173.5	55	Oct 30, 2024	J-GAAP
YoY	-4.7%	-16.8%	-14.0%	-21.7%	-21.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	60,545	1,471	1,560	432	144.0	70	May 12, 2023	J-GAAP
Mar, 2024	61,679	1,652	1,737	1,337	445.1	95	May 13, 2024	J-GAAP
Mar, 2025 Guidance	58,000	900	1,100	1,200	398.8	110	Oct 30, 2024	J-GAAP
YoY	-6.0%	-45.5%	-36.7%	-10.2%	-10.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,897	487	490	308	102.6	3.1	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	15,578	317	393	158	52.6	2.0	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	14,582	512	415	509	169.4	3.5	May 13, 2024	J-GAAP
Apr - Jun, 2024	14,950	134	159	651	216.8	0.9	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	14,318	76	246	27	9.0	0.5	Oct 30, 2024	J-GAAP
YoY	-9.9%	-84.4%	-49.8%	-91.2%	-91.2%