FUJI ELECTRIC CO., LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 2%, Adds to Record High Profit Forecast

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Thu Oct 31, 2024 3:30 pm JST Earnings

6504 FUJI ELECTRIC CO., LTD. 【J-GAAP】

Earnings Report

FUJI ELECTRIC CO., LTD. <6504> [TSE-P] announced its financial results after the market closed on October 31st (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 12.5% from the same period last year, reaching 38.9 billion yen, resulting in an increase in profits compared to the previous forecast of a 4.7% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 1.8%, from the previous forecast of 109 billion yen to 111 billion yen (compared to 107 billion yen in the previous period), increasing the growth rate from 1.6% to 3.4%, further surpassing the previous forecast of record-high profits for four consecutive terms.

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 nearly flat at 72.5 billion yen, down 0.9% from the same period last year.

At the same time, the annual dividend remains undecided.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 6.1% from the same period last year, reaching 20.6 billion yen. The operating profit margin improved from 7.9% in the same period last year to 8.8%.

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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	447,138	26,719	28,879	20,258	141.8	32.9	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	491,692	34,994	34,619	24,343	170.4	32.1	Oct 26, 2023	J-GAAP
Apr - Sep, 2024	497,377	40,336	38,949	35,539	248.8	34.9	Oct 31, 2024	J-GAAP
YoY	+1.2%	+15.3%	+12.5%	+46.0%	+46.0%

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	494,000	35,500	33,000	29,500	206.5	－	Jul 25, 2024	J-GAAP
Apr - Sep, 2024 Results	497,377	40,336	38,949	35,539	248.8	75	Oct 31, 2024	J-GAAP
Revision Rate	+0.7%	+13.6%	+18.0%	+20.5%	+20.5%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,114,000	109,000	109,500	80,500	563.6	－	Jul 25, 2024	J-GAAP
Mar, 2025 New	1,114,000	111,500	111,500	86,000	602.1	－	Oct 31, 2024	J-GAAP
Revision Rate	0.0%	+2.3%	+1.8%	+6.8%	+6.8%

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	611,522	71,072	73,203	51,010	357.1	75	Apr 25, 2024	J-GAAP
Oct - Mar, 2024 Guidance	616,623	71,164	72,551	50,461	353.3	－	Oct 31, 2024	J-GAAP
YoY	+0.8%	+0.1%	-0.9%	-1.1%	-1.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,009,447	88,882	87,811	61,348	429.5	115	Apr 27, 2023	J-GAAP
Mar, 2024	1,103,214	106,066	107,822	75,353	527.6	135	Apr 25, 2024	J-GAAP
Mar, 2025 Guidance	1,114,000	111,500	111,500	86,000	602.1	－	Oct 31, 2024	J-GAAP
YoY	+1.0%	+5.1%	+3.4%	+14.1%	+14.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	257,544	20,331	19,499	12,040	84.3	7.9	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	267,969	22,662	22,020	12,912	90.4	8.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	343,553	48,410	51,183	38,098	266.7	14.1	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	236,387	17,254	18,251	11,475	80.3	7.3	Jul 25, 2024	J-GAAP
Jul - Sep, 2024	260,990	23,082	20,698	24,064	168.5	8.8	Oct 31, 2024	J-GAAP
YoY	+1.3%	+13.5%	+6.1%	+99.9%	+99.9%