Canare Electric Co., Ltd., January-September (Third Quarter Cumulative) Ordinary Profit Decreases by 8%

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Wed Oct 30, 2024 4:00 pm JST Earnings

5819 Canare Electric Co., Ltd. 【J-GAAP】

Earnings Report

Canare Electric Co., Ltd. <5819> [TSE-S] announced its financial results after the market closed on October 30th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) decreased by 8.3% from the same period last year to 1.07 billion yen. However, The progress rate against the 1.38 billion yen full-year plan was 77.8%, also surpassing the five-year average of 68.1%.

Based on the third-quarter cumulative performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to December period (4Q) is expected to drop by 46.0% from the same period last year to 307 million yen.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 354 million yen, a 21.5% decrease compared to the same period last year. The operating profit margin decreased from 14.5% in the same period last year to 13.4%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	8,131	740	807	537	79.7	64.0	Oct 28, 2022	J-GAAP
Jan - Sep, 2023	9,040	1,119	1,170	848	125.2	67.3	Oct 27, 2023	J-GAAP
Jan - Sep, 2024	8,956	1,034	1,073	816	119.9	77.8	Oct 30, 2024	J-GAAP
YoY	-0.9%	-7.6%	-8.3%	-3.8%	-4.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	6,987	1,005	1,020	670	98.8	39	Jan 26, 2024	J-GAAP
Jul - Dec, 2024 Guidance	6,817	688	661	478	70.1	28	Jul 30, 2024	J-GAAP
YoY	-2.4%	-31.5%	-35.2%	-28.7%	-29.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	11,167	1,177	1,260	868	128.7	35	Jan 27, 2023	J-GAAP
Dec, 2023	12,872	1,668	1,739	1,188	175.3	62	Jan 26, 2024	J-GAAP
Dec, 2024 Guidance	12,845	1,330	1,380	980	143.8	56	Jan 26, 2024	J-GAAP
YoY	-0.2%	-20.3%	-20.6%	-17.5%	-18.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,155	456	451	330	48.7	14.5	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	3,832	549	569	340	50.2	14.3	Jan 26, 2024	J-GAAP
Jan - Mar, 2024	3,172	394	425	342	50.4	12.4	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	2,856	248	294	160	23.5	8.7	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	2,928	392	354	314	46.1	13.4	Oct 30, 2024	J-GAAP
YoY	-7.2%	-14.0%	-21.5%	-4.8%	-5.3%