YAMAHA CORPORATION, The Current Fiscal Year Net Income Revised Downward to an Unexpected 39% Decrease

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Fri Nov 1, 2024 3:30 pm JST Earnings

7951 YAMAHA CORPORATION 【IFRS】

Earnings Report

YAMAHA CORPORATION <7951> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 1st (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 64.8% from the same period last year to 5.26 billion yen.

In addition, the full-year consolidated net income has downwardly by 49.3%, from the previous forecast of 35.5 billion yen to 18 billion yen (compared to 29.6 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 39.3% 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 13.3% from the same period last year to 12.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a loss of 4.15 billion yen (compared to a profit of 8.45 billion yen in the same period last year). The operating profit margin drastically worsened from 7.8% in the same period last year to 2.4%.

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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	218,009	24,743	30,124	20,804	40.4	59.6	Nov 2, 2022	IFRS
Apr - Sep, 2023	219,628	15,430	21,735	14,945	29.4	57.8	Nov 1, 2023	IFRS
Apr - Sep, 2024	228,134	11,951	9,071	5,262	10.7	34.2	Nov 1, 2024	IFRS
YoY	+3.9%	-22.5%	-58.3%	-64.8%	-63.8%

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	ー	ー	ー	ー	－	12.33	May 8, 2024	IFRS
Apr - Sep, 2024 Results	228,134	11,951	9,071	5,262	10.7	12.33	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	475,000	44,500	48,500	35,500	73.9	25.33	Jul 31, 2024	IFRS
Mar, 2025 New	460,000	27,000	26,500	18,000	37.5	25.33	Nov 1, 2024	IFRS
Revision Rate	-3.2%	-39.3%	-45.4%	-49.3%	-49.3%

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	243,238	13,569	15,894	14,697	29.0	12.34	May 8, 2024	IFRS
Oct - Mar, 2024 Guidance	231,866	15,049	17,429	12,738	26.5	13	Nov 1, 2024	IFRS
YoY	-4.7%	+10.9%	+9.7%	-13.3%	-8.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	451,410	46,484	50,552	38,183	74.2	22	May 9, 2023	IFRS
Mar, 2024	462,866	28,999	37,629	29,642	58.6	24.67	May 8, 2024	IFRS
Mar, 2025 Guidance	460,000	27,000	26,500	18,000	37.5	25.33	Nov 1, 2024	IFRS
YoY	-0.6%	-6.9%	-29.6%	-39.3%	-36.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	113,432	8,804	11,929	8,457	16.7	7.8	Nov 1, 2023	IFRS
Oct - Dec, 2023	122,160	10,200	7,725	5,774	11.4	8.3	Feb 6, 2024	IFRS
Jan - Mar, 2024	121,078	3,369	8,169	8,923	17.6	2.8	May 8, 2024	IFRS
Apr - Jun, 2024	112,146	9,191	13,411	9,418	19.1	8.2	Jul 31, 2024	IFRS
Jul - Sep, 2024	115,988	2,760	-4,340	-4,156	-8.4	2.4	Nov 1, 2024	IFRS
YoY	+2.3%	-68.7%	－	－	－