SHOWA SYSTEM ENGINEERING CORPORATION, First Half Ordinary Profit Decreases by 9%

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Fri Nov 1, 2024 4:00 pm JST Earnings

4752 SHOWA SYSTEM ENGINEERING CORPORATION 【J-GAAP】

Earnings Report

SHOWA SYSTEM ENGINEERING CORPORATION <4752> [TSE-S] announced its financial results after the market closed on November 1st (16:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 9.0% from the same period last year to 555 million yen. However, The progress rate against the 932 million yen full-year plan was 59.5%, also surpassing the five-year average of 56.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 20.4% from the same period last year, reaching 377 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit decreased to 301 million yen, a 11.2% decrease compared to the same period last year. The operating profit margin decreased from 16.8% in the same period last year to 14.4%.

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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	3,400	420	427	293	67.1	55.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	3,951	599	610	420	96.0	66.1	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	4,032	546	555	382	88.2	59.5	Nov 1, 2024	J-GAAP
YoY	+2.1%	-8.8%	-9.0%	-9.0%	-8.1%

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	－	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	4,032	546	555	382	88.2	0	Nov 1, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	4,009	309	313	240	55.0	50	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,168	374	377	284	65.6	50	Nov 1, 2024	J-GAAP
YoY	+4.0%	+21.0%	+20.4%	+18.3%	+19.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,086	764	776	526	120.4	40	May 12, 2023	J-GAAP
Mar, 2024	7,960	908	923	660	151.2	50	May 13, 2024	J-GAAP
Mar, 2025 Guidance	8,200	920	932	666	153.8	50	May 13, 2024	J-GAAP
YoY	+3.0%	+1.3%	+1.0%	+0.9%	+1.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,009	337	339	233	53.3	16.8	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	2,024	181	184	125	28.6	8.9	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	1,985	128	129	115	26.3	6.4	May 13, 2024	J-GAAP
Apr - Jun, 2024	1,958	247	254	175	40.5	12.6	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,074	299	301	207	47.8	14.4	Nov 1, 2024	J-GAAP
YoY	+3.2%	-11.3%	-11.2%	-11.2%	-10.2%