EIKEN CHEMICAL CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 8% Decrease

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Thu Oct 31, 2024 3:20 pm JST Earnings

4549 EIKEN CHEMICAL CO.,LTD. 【J-GAAP】

Earnings Report

EIKEN CHEMICAL CO.,LTD. <4549> [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) decreased by 23.7% from the same period last year to 1.69 billion yen, resulting in a decrease in profits compared to the previous forecast of a 27.2% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 41.8%, from the previous forecast of 5.62 billion yen to 3.27 billion yen (compared to 3.56 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 8.4% 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 grow by 17.1% from the same period last year, reaching 1.57 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.05 billion yen, a 7.1% decrease compared to the same period last year. The operating profit margin decreased from 10.5% in the same period last year to 9.6%.

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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	22,865	5,656	5,721	4,321	116.9	75.6	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	20,264	2,148	2,225	1,618	43.7	62.4	Oct 26, 2023	J-GAAP
Apr - Sep, 2024	19,729	1,566	1,698	1,309	37.8	51.9	Oct 31, 2024	J-GAAP
YoY	-2.6%	-27.1%	-23.7%	-19.1%	-13.4%

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	21,500	2,870	2,830	2,230	64.4	26	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	19,729	1,566	1,698	1,309	37.8	26	Oct 31, 2024	J-GAAP
Revision Rate	-8.2%	-45.4%	-40.0%	-41.3%	-41.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	43,100	5,660	5,620	4,480	131.1	53	May 9, 2024	J-GAAP
Mar, 2025 New	40,200	3,210	3,270	2,620	76.6	53	Oct 31, 2024	J-GAAP
Revision Rate	-6.7%	-43.3%	-41.8%	-41.5%	-41.5%

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	19,788	1,229	1,343	1,016	27.7	26	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	20,471	1,644	1,572	1,311	38.4	27	Oct 31, 2024	J-GAAP
YoY	+3.5%	+33.8%	+17.1%	+29.0%	+38.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	43,271	7,457	7,568	5,736	155.2	51	Apr 28, 2023	J-GAAP
Mar, 2024	40,052	3,377	3,568	2,634	71.7	51	May 9, 2024	J-GAAP
Mar, 2025 Guidance	40,200	3,210	3,270	2,620	76.6	53	Oct 31, 2024	J-GAAP
YoY	+0.4%	-4.9%	-8.4%	-0.5%	+6.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,400	1,096	1,138	848	22.9	10.5	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	10,229	1,269	1,272	953	25.7	12.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	9,559	-40	71	63	1.7	-0.4	May 9, 2024	J-GAAP
Apr - Jun, 2024	9,519	583	641	486	14.1	6.1	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	10,210	983	1,057	823	23.8	9.6	Oct 31, 2024	J-GAAP
YoY	-1.8%	-10.3%	-7.1%	-2.9%	+3.9%