OKUMA Corporation, The Current Fiscal Year Ordinary Profit Revised Downward by 20%

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Thu Oct 31, 2024 3:20 pm JST Earnings

6103 OKUMA Corporation 【J-GAAP】

Earnings Report

OKUMA Corporation <6103> [TSE-P] announced its financial results after the market closed on October 31st (15:20). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 56.7% from the same period last year to 5.42 billion yen, fell short of the previous forecast of 9.5 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 20.5%, from the previous forecast of 22 billion yen to 17.5 billion yen (compared to 25.5 billion yen in the previous period), leading to an increase in the profit decline rate from 13.9% to 31.5%.

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 decrease by 7.4% from the same period last year to 12 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 1.81 billion yen, a 72.0% decrease compared to the same period last year. The operating profit margin sharply declined from 10.7% in the same period last year to 5.1%.

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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	108,899	10,555	12,634	9,236	148.0	47.8	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	110,512	11,975	12,510	8,751	141.9	48.9	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	95,247	5,626	5,421	3,580	59.1	31.0	Oct 31, 2024	J-GAAP
YoY	-13.8%	-53.0%	-56.7%	-59.1%	-58.3%

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	105,000	9,000	9,500	6,500	107.4	50	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	95,247	5,626	5,421	3,580	59.1	50	Oct 31, 2024	J-GAAP
Revision Rate	-9.3%	-37.5%	-42.9%	-44.9%	-45.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	215,000	21,500	22,000	15,500	256.2	100	Aug 22, 2024	J-GAAP
Mar, 2025 New	210,000	17,500	17,500	12,500	206.6	100	Oct 31, 2024	J-GAAP
Revision Rate	-2.3%	-18.6%	-20.5%	-19.4%	-19.4%

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	117,482	13,389	13,047	10,630	172.7	50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	114,753	11,874	12,079	8,920	147.4	50	Oct 31, 2024	J-GAAP
YoY	-2.3%	-11.3%	-7.4%	-16.1%	-14.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	227,636	24,804	26,446	19,195	308.0	90	May 11, 2023	J-GAAP
Mar, 2024	227,994	25,364	25,557	19,381	314.9	100	May 10, 2024	J-GAAP
Mar, 2025 Guidance	210,000	17,500	17,500	12,500	206.6	100	Oct 31, 2024	J-GAAP
YoY	-7.9%	-31.0%	-31.5%	-35.5%	-34.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	59,921	6,432	6,467	4,098	66.5	10.7	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	56,778	6,246	5,880	4,335	70.3	11.0	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	60,704	7,143	7,167	6,295	102.3	11.8	May 10, 2024	J-GAAP
Apr - Jun, 2024	45,329	3,066	3,609	2,436	40.2	6.8	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	49,918	2,560	1,812	1,144	18.9	5.1	Oct 31, 2024	J-GAAP
YoY	-16.7%	-60.2%	-72.0%	-72.1%	-71.6%