Orient Corporation, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 26% Decrease

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Thu Oct 31, 2024 3:00 pm JST Earnings

8585 Orient Corporation 【J-GAAP】

Earnings Report

Orient Corporation <8585> [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) increased by 21.5% from the same period last year, reaching 7.17 billion yen.

However, the full-year consolidated ordinary profit has downwardly by 40.0%, from the previous forecast of 20 billion yen to 12 billion yen (compared to 16.1 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 25.5% 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 significant drop by 52.7% from the same period last year to 4.82 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.08 billion yen, a 13.1% decrease compared to the same period last year. The operating profit margin worsened from 4.4% in the same period last year to 3.5%.

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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	116,395	15,180	15,180	10,718	62.4	65.8	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	112,190	5,905	5,905	10,126	59.0	36.6	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	123,464	7,174	7,174	3,738	21.8	59.8	Oct 31, 2024	J-GAAP
YoY	+10.0%	+21.5%	+21.5%	-63.1%	-63.0%

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	ー	ー	ー	ー	－	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	123,464	7,174	7,174	3,738	21.8	0	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	263,000	20,000	20,000	20,000	116.8	40	May 10, 2024	J-GAAP
Mar, 2025 New	249,500	12,000	12,000	12,000	70.1	40	Oct 31, 2024	J-GAAP
Revision Rate	-5.1%	-40.0%	-40.0%	-40.0%	-40.0%

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	116,864	10,213	10,213	2,445	14.3	40	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	126,036	4,826	4,826	8,262	48.3	40	Oct 31, 2024	J-GAAP
YoY	+7.8%	-52.7%	-52.7%	+237.9%	+238.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	227,693	23,070	23,070	19,035	110.9	40	May 12, 2023	J-GAAP
Mar, 2024	229,054	16,118	16,118	12,571	73.3	40	May 10, 2024	J-GAAP
Mar, 2025 Guidance	249,500	12,000	12,000	12,000	70.1	40	Oct 31, 2024	J-GAAP
YoY	+8.9%	-25.5%	-25.5%	-4.5%	-4.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	54,502	2,404	2,404	6,447	37.6	4.4	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	56,447	4,142	4,142	1,445	8.4	7.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	60,417	6,071	6,071	1,000	5.8	10.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	63,053	5,086	5,086	3,051	17.8	8.1	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	60,411	2,088	2,088	687	4.0	3.5	Oct 31, 2024	J-GAAP
YoY	+10.8%	-13.1%	-13.1%	-89.3%	-89.3%