SEIKO EPSON CORPORATION, The Current Fiscal Year Net Income Revised Downward to an Unexpected 11% Decrease

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Fri Nov 1, 2024 3:00 pm JST Earnings

6724 SEIKO EPSON CORPORATION 【IFRS】

Earnings Report

SEIKO EPSON CORPORATION <6724> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 1st (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 15.3% from the same period last year to 23.2 billion yen.

In addition, the full-year consolidated net income has downwardly by 13.0%, from the previous forecast of 54 billion yen to 47 billion yen (compared to 52.6 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 10.7% decrease in profit.

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 5.6% from the same period last year to 23.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income dropped to 4.12 billion yen, a 43.5% decrease compared to the same period last year. However, the operating profit margin improved from 2.5% in the same period last year to 3.7%.

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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	633,127	59,152	71,730	50,386	146.0	69.1	Oct 28, 2022	IFRS
Apr - Sep, 2023	638,533	27,933	38,363	27,479	82.9	54.7	Oct 27, 2023	IFRS
Apr - Sep, 2024	674,198	34,939	32,852	23,280	70.4	49.0	Nov 1, 2024	IFRS
YoY	+5.6%	+25.1%	-14.4%	-15.3%	-15.0%

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	ー	ー	ー	ー	－	37	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	674,198	34,939	32,852	23,280	70.4	37	Nov 1, 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	1,370,000	77,000	77,000	54,000	166.5	74	Jul 31, 2024	IFRS
Mar, 2025 New	1,340,000	68,000	67,000	47,000	144.9	74	Nov 1, 2024	IFRS
Revision Rate	-2.2%	-11.7%	-13.0%	-13.0%	-13.0%

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	675,465	29,600	31,731	25,137	75.8	37	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	665,802	33,061	34,148	23,720	73.1	37	Nov 1, 2024	IFRS
YoY	-1.4%	+11.7%	+7.6%	-5.6%	-3.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,330,331	97,044	103,755	75,043	220.8	72	Apr 28, 2023	IFRS
Mar, 2024	1,313,998	57,533	70,094	52,616	158.7	74	Apr 26, 2024	IFRS
Mar, 2025 Guidance	1,340,000	68,000	67,000	47,000	144.9	74	Nov 1, 2024	IFRS
YoY	+2.0%	+18.2%	-4.4%	-10.7%	-8.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	323,693	8,220	10,090	7,291	22.0	2.5	Oct 27, 2023	IFRS
Oct - Dec, 2023	353,568	23,764	21,281	14,989	45.2	6.7	Feb 2, 2024	IFRS
Jan - Mar, 2024	321,897	5,836	10,450	10,148	30.6	1.8	Apr 26, 2024	IFRS
Apr - Jun, 2024	336,614	22,468	26,891	19,160	57.8	6.7	Jul 31, 2024	IFRS
Jul - Sep, 2024	337,584	12,471	5,961	4,120	12.5	3.7	Nov 1, 2024	IFRS
YoY	+4.3%	+51.7%	-40.9%	-43.5%	-43.3%