JVC KENWOOD Corporation, The Current Fiscal Year Net Income Revised Upward to an Unexpected 31% Increase

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Thu Oct 31, 2024 3:15 pm JST Earnings

6632 JVC KENWOOD Corporation 【IFRS】

Earnings Report

JVC KENWOOD Corporation <6632> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 31st (15:15). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 11 billion yen, an increase of 64.3% compared to the same period last year.

In addition, the full-year consolidated net income has been revised upward by 36.0%, from the previous forecast of 12.5 billion yen to 17 billion yen (compared to 13 billion yen in the previous period), turning to a 30.6% increase in the consolidated net income outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease by 5.7% from the same period last year to 5.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased by 70.8% from the same period last year, reaching 5.59 billion yen. The operating profit margin significantly improved from 5.4% in the same period last year to 8.5%.

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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	158,108	5,760	5,784	3,677	22.5	27.3	Oct 31, 2022	IFRS
Apr - Sep, 2023	174,704	9,807	9,740	6,750	43.0	53.4	Oct 31, 2023	IFRS
Apr - Sep, 2024	176,574	13,556	14,473	11,093	73.6	62.9	Oct 31, 2024	IFRS
YoY	+1.1%	+38.2%	+48.6%	+64.3%	+70.9%

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	－	5	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	176,574	13,556	14,473	11,093	73.6	5	Oct 31, 2024	IFRS
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	362,000	18,200	18,000	12,500	84.5	13	Apr 26, 2024	IFRS
Mar, 2025 New	364,000	22,000	23,000	17,000	114.9	13	Oct 31, 2024	IFRS
Revision Rate	+0.6%	+20.9%	+27.8%	+36.0%	+36.0%

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	184,755	8,419	8,505	6,266	40.6	12	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	187,426	8,444	8,527	5,907	39.9	8	Oct 31, 2024	IFRS
YoY	+1.4%	+0.3%	+0.3%	-5.7%	-1.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	336,910	21,634	21,161	16,229	99.3	12	Apr 27, 2023	IFRS
Mar, 2024	359,459	18,226	18,245	13,016	84.3	12	Apr 26, 2024	IFRS
Mar, 2025 Guidance	364,000	22,000	23,000	17,000	114.9	13	Oct 31, 2024	IFRS
YoY	+1.3%	+20.7%	+26.1%	+30.6%	+36.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	89,106	4,795	4,867	3,273	20.9	5.4	Oct 31, 2023	IFRS
Oct - Dec, 2023	92,554	5,175	5,192	4,172	26.8	5.6	Feb 1, 2024	IFRS
Jan - Mar, 2024	92,201	3,244	3,313	2,094	13.6	3.5	Apr 26, 2024	IFRS
Apr - Jun, 2024	87,769	6,022	6,950	5,503	36.5	6.9	Aug 1, 2024	IFRS
Jul - Sep, 2024	88,805	7,534	7,523	5,590	37.1	8.5	Oct 31, 2024	IFRS
YoY	-0.3%	+57.1%	+54.6%	+70.8%	+77.6%