TOPCON CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 10% Decrease

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Wed Oct 30, 2024 3:00 pm JST Earnings

7732 TOPCON CORPORATION 【J-GAAP】

Earnings Report

TOPCON CORPORATION <7732> [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 88.8% from the same period last year to 381 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 48.4%, from the previous forecast of 15.5 billion yen to 8 billion yen (compared to 8.85 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 9.7% decrease in profit.

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 39.5% from the same period last year, reaching 7.61 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 764 million yen, a 50.9% decrease compared to the same period last year. However, the operating profit margin improved from 3.9% in the same period last year to 4.2%.

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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	102,715	9,336	9,428	6,032	57.3	52.9	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	104,497	3,830	3,395	609	5.8	38.3	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	105,497	2,974	381	61	0.6	4.8	Oct 30, 2024	J-GAAP
YoY	+1.0%	-22.3%	-88.8%	-90.0%	-90.0%

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	－	20	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	105,497	2,974	381	61	0.6	20	Oct 30, 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	230,000	18,000	15,500	9,500	90.1	42	May 10, 2024	J-GAAP
Mar, 2025 New	220,000	12,000	8,000	4,500	42.7	42	Oct 30, 2024	J-GAAP
Revision Rate	-4.3%	-33.3%	-48.4%	-52.6%	-52.6%

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	112,000	7,374	5,462	4,331	41.1	22	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	114,503	9,026	7,619	4,439	42.1	22	Oct 30, 2024	J-GAAP
YoY	+2.2%	+22.4%	+39.5%	+2.5%	+2.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	215,625	19,537	17,829	11,806	112.2	42	May 12, 2023	J-GAAP
Mar, 2024	216,497	11,204	8,857	4,940	46.9	42	May 10, 2024	J-GAAP
Mar, 2025 Guidance	220,000	12,000	8,000	4,500	42.7	42	Oct 30, 2024	J-GAAP
YoY	+1.6%	+7.1%	-9.7%	-8.9%	-9.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	54,802	2,113	1,555	808	7.7	3.9	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	52,363	2,674	1,193	-256	-2.4	5.1	Jan 29, 2024	J-GAAP
Jan - Mar, 2024	59,637	4,700	4,269	4,587	43.6	7.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	51,405	678	-383	-950	-9.0	1.3	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	54,092	2,296	764	1,011	9.6	4.2	Oct 30, 2024	J-GAAP
YoY	-1.3%	+8.7%	-50.9%	+25.1%	+25.3%