FP CORPORATION, First Half Ordinary Profit Decreases by 10%

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Thu Oct 31, 2024 3:00 pm JST Earnings

7947 FP CORPORATION 【J-GAAP】

Earnings Report

FP CORPORATION <7947> [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) decreased by 9.9% from the same period last year to 6.52 billion yen. The progress rate against the 18 billion yen full-year plan was 36.2%, also falling below the five-year average of 44.7%.

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 20.3% from the same period last year, reaching 11.4 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 7.1% from the same period last year, reaching 4.27 billion yen. However, the operating profit margin remained almost flat, changing from 7.2% in the same period last year to 7.2%.

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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	102,562	6,072	6,409	4,131	50.5	37.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	108,726	6,981	7,235	5,122	62.6	43.1	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	114,892	6,472	6,520	4,337	53.7	36.2	Oct 31, 2024	J-GAAP
YoY	+5.7%	-7.3%	-9.9%	-15.3%	-14.3%

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	116,000	6,400	6,500	4,361	53.9	21.50	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	114,892	6,472	6,520	4,337	53.7	21.50	Oct 31, 2024	J-GAAP
Revision Rate	-1.0%	+1.1%	+0.3%	-0.6%	-0.5%

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	113,374	9,448	9,545	6,602	80.8	35.50	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	121,108	11,328	11,480	7,785	96.3	35.50	Oct 31, 2024	J-GAAP
YoY	+6.8%	+19.9%	+20.3%	+17.9%	+19.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	211,285	16,703	17,328	11,529	140.9	47	Apr 28, 2023	J-GAAP
Mar, 2024	222,100	16,429	16,780	11,724	143.5	57	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	236,000	17,800	18,000	12,122	149.9	57	Apr 30, 2024	J-GAAP
YoY	+6.3%	+8.3%	+7.3%	+3.4%	+4.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	55,493	4,001	3,994	2,878	35.2	7.2	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	62,034	6,544	6,647	4,524	55.3	10.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	51,340	2,904	2,898	2,078	25.4	5.7	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	55,131	2,190	2,244	1,452	18.0	4.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	59,761	4,282	4,276	2,885	35.7	7.2	Oct 31, 2024	J-GAAP
YoY	+7.7%	+7.0%	+7.1%	+0.2%	+1.5%