Hokuriku Electric Power Company, The Current Fiscal Year Ordinary Profit Revised Upward by 33%, Dividend Revised Upward by 2.5 yen

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Wed Oct 30, 2024 3:00 pm JST Earnings

9505 Hokuriku Electric Power Company 【J-GAAP】

Earnings Report

Hokuriku Electric Power Company <9505> [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) decreased by 14.1% from the same period last year to 60.1 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 33.3%, from the previous forecast of 45 billion yen to 60 billion yen (compared to 107 billion yen in the previous period), and the declining rate is expected to decrease from 58.3% to 44.4%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a loss of 165 million yen (compared to a profit of 37.9 billion yen in the same period last year).

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 15 yen to 17.5 yen (compared to 7.5 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 24.9 billion yen, a 14.0% decrease compared to the same period last year. The operating profit margin decreased from 15.4% in the same period last year to 11.3%.

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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	374,932	-37,182	-37,700	-38,169	-182.9	ー	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	407,921	75,012	70,003	51,188	245.2	64.9	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	420,312	62,340	60,165	44,207	211.7	100.3	Oct 30, 2024	J-GAAP
YoY	+3.0%	-16.9%	-14.1%	-13.6%	-13.7%

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	－	7.50	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	420,312	62,340	60,165	44,207	211.7	7.50	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	795,000	50,000	45,000	35,000	167.6	15	Apr 30, 2024	J-GAAP
Mar, 2025 New	855,000	65,000	60,000	45,000	215.5	17.50	Oct 30, 2024	J-GAAP
Revision Rate	+7.5%	+30.0%	+33.3%	+28.6%	+28.6%

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	400,317	39,899	37,928	5,623	26.9	7.50	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	434,688	2,660	-165	793	3.8	10	Oct 30, 2024	J-GAAP
YoY	+8.6%	-93.3%	－	-85.9%	-85.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	817,601	-73,791	-93,737	-88,446	-423.7	0	Apr 27, 2023	J-GAAP
Mar, 2024	808,238	114,911	107,931	56,811	272.2	7.50	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	855,000	65,000	60,000	45,000	215.5	17.50	Oct 30, 2024	J-GAAP
YoY	+5.8%	-43.4%	-44.4%	-20.8%	-20.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	214,934	33,153	29,004	20,775	99.5	15.4	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	185,783	15,497	15,143	9,161	43.9	8.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	214,534	24,402	22,785	-3,538	-17.0	11.4	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	187,636	35,994	35,216	26,421	126.6	19.2	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	232,676	26,346	24,949	17,786	85.2	11.3	Oct 30, 2024	J-GAAP
YoY	+8.3%	-20.5%	-14.0%	-14.4%	-14.4%