AGS Corporation, First Half Ordinary Profit Decreases by 12%

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Wed Oct 30, 2024 4:00 pm JST Earnings

3648 AGS Corporation 【J-GAAP】

Earnings Report

AGS Corporation <3648> [TSE-S] announced its financial results after the market closed on October 30th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 11.6% from the same period last year to 622 million yen. The progress rate against the 1.37 billion yen full-year plan was 45.4%, also falling below the five-year average of 51.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 28.5% from the same period last year, reaching 748 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 437 million yen, an increase of 0.7% compared to the same period last year. The operating profit margin remained almost flat, changing from 7.5% in the same period last year to 7.7%.

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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	10,026	368	394	255	14.3	43.3	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	10,567	683	704	468	26.7	54.7	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	10,931	585	622	408	24.2	45.4	Oct 30, 2024	J-GAAP
YoY	+3.4%	-14.3%	-11.6%	-12.8%	-9.4%

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	10,800	550	570	390	23.2	8	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	10,931	585	622	408	24.2	8	Oct 30, 2024	J-GAAP
Revision Rate	+1.2%	+6.4%	+9.1%	+4.6%	+4.3%

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	11,525	589	582	468	27.0	8	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	12,569	765	748	522	31.1	8	Oct 30, 2024	J-GAAP
YoY	+9.1%	+29.9%	+28.5%	+11.5%	+15.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	21,066	873	910	682	38.4	11	May 11, 2023	J-GAAP
Mar, 2024	22,092	1,272	1,286	936	54.0	14.50	May 13, 2024	J-GAAP
Mar, 2025 Guidance	23,500	1,350	1,370	930	55.4	16	May 13, 2024	J-GAAP
YoY	+6.4%	+6.1%	+6.5%	-0.6%	+2.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,729	432	434	288	16.4	7.5	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	5,681	423	423	379	21.8	7.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	5,844	166	159	89	5.1	2.8	May 13, 2024	J-GAAP
Apr - Jun, 2024	5,088	138	185	122	7.2	2.7	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	5,843	447	437	286	16.9	7.7	Oct 30, 2024	J-GAAP
YoY	+2.0%	+3.5%	+0.7%	-0.7%	+3.2%