Nippon Yakin kogyo Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 11% Decrease

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Thu Oct 31, 2024 3:00 pm JST Earnings

5480 Nippon Yakin kogyo Co.,Ltd. 【J-GAAP】

Earnings Report

Nippon Yakin kogyo Co.,Ltd. <5480> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 35.5% from the same period last year to 8.29 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 15.0%, from the previous forecast of 20 billion yen to 17 billion yen (compared to 19.1 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 11.1% 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 38.8% from the same period last year, reaching 8.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 3.1 billion yen, a 46.6% decrease compared to the same period last year. The operating profit margin significantly dropped from 13.6% in the same period last year to 8.7%.

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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	96,366	12,651	12,316	8,665	578.8	44.4	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	93,907	12,901	12,858	9,032	619.1	67.2	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	88,834	8,543	8,298	5,807	409.6	48.8	Oct 31, 2024	J-GAAP
YoY	-5.4%	-33.8%	-35.5%	-35.7%	-33.8%

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	87,000	8,500	8,000	5,500	390.5	100	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	88,834	8,543	8,298	5,807	409.6	100	Oct 31, 2024	J-GAAP
Revision Rate	+2.1%	+0.5%	+3.7%	+5.6%	+4.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	177,000	21,000	20,000	14,000	994.0	200	May 9, 2024	J-GAAP
Mar, 2025 New	173,000	18,000	17,000	12,000	852.0	200	Oct 31, 2024	J-GAAP
Revision Rate	-2.3%	-14.3%	-15.0%	-14.3%	-14.3%

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	86,434	7,109	6,270	4,533	312.0	100	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	84,166	9,457	8,702	6,193	439.7	100	Oct 31, 2024	J-GAAP
YoY	-2.6%	+33.0%	+38.8%	+36.6%	+40.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	199,324	29,256	27,738	19,703	1,316.8	200	May 9, 2023	J-GAAP
Mar, 2024	180,341	20,010	19,128	13,565	933.6	200	May 9, 2024	J-GAAP
Mar, 2025 Guidance	173,000	18,000	17,000	12,000	852.0	200	Oct 31, 2024	J-GAAP
YoY	-4.1%	-10.0%	-11.1%	-11.5%	-8.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	45,383	6,174	5,804	4,360	298.9	13.6	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	43,880	3,004	2,469	1,780	122.4	6.8	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	42,554	4,105	3,801	2,753	189.5	9.6	May 9, 2024	J-GAAP
Apr - Jun, 2024	46,595	4,873	5,198	3,588	251.5	10.5	Jul 29, 2024	J-GAAP
Jul - Sep, 2024	42,239	3,670	3,100	2,219	156.5	8.7	Oct 31, 2024	J-GAAP
YoY	-6.9%	-40.6%	-46.6%	-49.1%	-47.6%