F&M CO.,LTD., First Half Ordinary Profit Decreases by 33%

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Thu Oct 31, 2024 4:00 pm JST Earnings

4771 F&M CO.,LTD. 【J-GAAP】

Earnings Report

F&M CO.,LTD. <4771> [TSE-S] announced its financial results after the market closed on October 31st (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 32.6% from the same period last year to 638 million yen, fell short of the previous forecast of 806 million yen.

The progress rate against the 1.82 billion yen full-year plan was 34.9%, almost the same as the five-year average of 34.0%.

Based on the first-half performance announced by the company and the unchanged 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 1.19 billion yen, down 0.5% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 223 million yen, a 38.7% decrease compared to the same period last year. The operating profit margin significantly dropped from 10.8% in the same period last year to 6.2%.

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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	5,544	899	910	599	41.1	34.7	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	6,755	938	947	634	43.5	44.2	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	7,133	625	638	404	27.7	34.9	Oct 31, 2024	J-GAAP
YoY	+5.6%	-33.4%	-32.6%	-36.3%	-36.2%

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	7,741	799	806	539	36.4	20	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	7,133	625	638	404	27.7	20	Oct 31, 2024	J-GAAP
Revision Rate	-7.9%	-21.8%	-20.8%	-25.0%	-24.0%

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	8,106	1,190	1,196	975	66.8	19	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	9,547	1,187	1,190	954	64.5	20	Oct 31, 2024	J-GAAP
YoY	+17.8%	-0.3%	-0.5%	-2.2%	-3.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	12,699	2,602	2,621	1,881	128.9	34	May 12, 2023	J-GAAP
Mar, 2024	14,861	2,128	2,143	1,609	110.3	38	May 14, 2024	J-GAAP
Mar, 2025 Guidance	16,680	1,812	1,828	1,358	91.8	40	May 14, 2024	J-GAAP
YoY	+12.2%	-14.8%	-14.7%	-15.6%	-16.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,320	360	364	261	17.9	10.8	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	4,063	704	707	526	36.1	17.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	4,043	486	489	449	30.8	12.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	3,637	408	415	244	16.8	11.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	3,496	217	223	160	11.0	6.2	Oct 31, 2024	J-GAAP
YoY	+5.3%	-39.7%	-38.7%	-38.7%	-38.7%