YAMATO KOGYO CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 7%

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Thu Oct 31, 2024 1:00 pm JST Earnings

5444 YAMATO KOGYO CO.,LTD. 【J-GAAP】

Earnings Report

YAMATO KOGYO CO.,LTD. <5444> [TSE-P] announced its financial results in the afternoon session on October 31st (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 17.3% from the same period last year to 41.8 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 7.4%, from the previous forecast of 81 billion yen to 75 billion yen (compared to 99.2 billion yen in the previous period), leading to an increase in the profit decline rate from 18.4% to 24.4%.

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 drop by 31.8% from the same period last year to 33.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 17.1 billion yen, a 31.9% decrease compared to the same period last year. The operating profit margin worsened from 9.9% in the same period last year to 7.8%.

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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	94,773	9,417	51,361	37,875	594.7	56.8	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	80,373	7,854	50,621	36,342	570.5	51.0	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	78,359	5,006	41,877	28,549	448.1	55.8	Oct 31, 2024	J-GAAP
YoY	-2.5%	-36.3%	-17.3%	-21.4%	-21.5%

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	79,500	4,500	43,000	29,500	463.0	200	Jul 31, 2024	J-GAAP
Apr - Sep, 2024 Results	78,359	5,006	41,877	28,549	448.1	200	Oct 31, 2024	J-GAAP
Revision Rate	-1.4%	+11.2%	-2.6%	-3.2%	-3.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	178,000	11,000	81,000	57,000	902.9	400	Jul 31, 2024	J-GAAP
Mar, 2025 New	170,000	11,000	75,000	52,500	831.6	400	Oct 31, 2024	J-GAAP
Revision Rate	-4.5%	0.0%	-7.4%	-7.9%	-7.9%

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	83,106	9,428	48,602	33,676	528.7	250	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	91,641	5,994	33,123	23,951	379.4	200	Oct 31, 2024	J-GAAP
YoY	+10.3%	-36.4%	-31.8%	-28.9%	-28.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	180,438	16,813	90,494	65,317	1,025.5	300	Apr 28, 2023	J-GAAP
Mar, 2024	163,479	17,282	99,223	70,018	1,099.2	400	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	170,000	11,000	75,000	52,500	831.6	400	Oct 31, 2024	J-GAAP
YoY	+4.0%	-36.3%	-24.4%	-25.0%	-24.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	37,846	3,739	25,221	18,031	283.1	9.9	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	41,832	4,919	22,730	15,519	243.6	11.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	41,274	4,509	25,872	18,157	285.0	10.9	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	34,050	1,560	24,689	17,574	275.9	4.6	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	44,309	3,446	17,188	10,975	172.3	7.8	Oct 31, 2024	J-GAAP
YoY	+17.1%	-7.8%	-31.9%	-39.1%	-39.1%