S&B FOODS INC., The Current Fiscal Year Ordinary Profit Revised Upward by 7%

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Fri Nov 1, 2024 3:00 pm JST Earnings

2805 S&B FOODS INC. 【J-GAAP】

Earnings Report

S&B FOODS INC. <2805> [TSE-S] announced its financial results after the market closed on November 1st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 4.99 billion yen, an increase of 42.2% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 7.4%, from the previous forecast of 8.1 billion yen to 8.7 billion yen (compared to 8.07 billion yen in the previous period), increasing the growth rate from 0.3% to 7.7%.

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 18.9% from the same period last year to 3.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 4.6% from the same period last year, reaching 1.54 billion yen. The operating profit margin improved from 4.7% in the same period last year to 6.1%.

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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	61,433	3,267	3,427	2,588	209.3	62.7	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	63,157	3,277	3,515	2,410	199.5	43.5	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	61,491	5,001	4,999	3,659	302.9	57.5	Nov 1, 2024	J-GAAP
YoY	-2.6%	+52.6%	+42.2%	+51.8%	+51.8%

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	61,500	4,500	4,700	3,500	289.6	37	Jul 31, 2024	J-GAAP
Apr - Sep, 2024 Results	61,491	5,001	4,999	3,659	302.9	37	Nov 1, 2024	J-GAAP
Revision Rate	0.0%	+11.1%	+6.4%	+4.5%	+4.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	121,500	8,000	8,100	6,200	513.1	74	May 10, 2024	J-GAAP
Mar, 2025 New	123,000	8,600	8,700	6,800	562.7	74	Nov 1, 2024	J-GAAP
Revision Rate	+1.2%	+7.5%	+7.4%	+9.7%	+9.7%

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	63,286	4,501	4,564	4,307	356.4	35	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	61,509	3,599	3,701	3,141	259.9	37	Nov 1, 2024	J-GAAP
YoY	-2.8%	-20.0%	-18.9%	-27.1%	-27.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	120,651	5,399	5,465	4,080	332.3	54	May 12, 2023	J-GAAP
Mar, 2024	126,443	7,778	8,079	6,717	555.9	66	May 10, 2024	J-GAAP
Mar, 2025 Guidance	123,000	8,600	8,700	6,800	562.7	74	Nov 1, 2024	J-GAAP
YoY	-2.7%	+10.6%	+7.7%	+1.2%	+1.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	31,202	1,475	1,472	915	75.7	4.7	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	34,760	3,894	3,878	2,880	238.4	11.2	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	28,526	607	686	1,427	118.1	2.1	May 10, 2024	J-GAAP
Apr - Jun, 2024	31,039	3,142	3,459	2,464	204.0	10.1	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	30,452	1,859	1,540	1,195	98.9	6.1	Nov 1, 2024	J-GAAP
YoY	-2.4%	+26.0%	+4.6%	+30.6%	+30.6%