TOYO WHARF & WAREHOUSE CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 14%

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Fri Nov 1, 2024 4:00 pm JST Earnings

9351 TOYO WHARF & WAREHOUSE CO.,LTD. 【J-GAAP】

Earnings Report

TOYO WHARF & WAREHOUSE CO.,LTD. <9351> [TSE-S] announced its financial results after the market closed on November 1st (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 16.3% from the same period last year to 627 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 14.3%, from the previous forecast of 1.4 billion yen to 1.2 billion yen (compared to 1.15 billion yen in the previous period), leading to a reduction in the profit growth rate from 21.5% to 4.2%.

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 expand by 42.2% from the same period last year, reaching 573 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 81 million yen, a 67.7% decrease compared to the same period last year. The operating profit margin worsened from 3.2% in the same period last year to 1.0%.

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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	19,821	1,002	1,327	927	120.5	71.9	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	17,808	686	749	483	64.6	65.0	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	17,537	494	627	468	63.2	52.3	Nov 1, 2024	J-GAAP
YoY	-1.5%	-28.0%	-16.3%	-3.1%	-2.2%

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	ー	ー	ー	ー	－	25	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	17,537	494	627	468	63.2	25	Nov 1, 2024	J-GAAP
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	36,000	1,200	1,400	1,000	134.9	55	May 14, 2024	J-GAAP
Mar, 2025 New	35,000	1,000	1,200	1,000	134.9	55	Nov 1, 2024	J-GAAP
Revision Rate	-2.8%	-16.7%	-14.3%	0.0%	0.0%

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	16,889	292	403	497	66.7	30	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	17,463	506	573	532	71.8	30	Nov 1, 2024	J-GAAP
YoY	+3.4%	+73.3%	+42.2%	+7.0%	+7.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	38,086	1,537	1,846	1,266	165.2	55	May 15, 2023	J-GAAP
Mar, 2024	34,697	978	1,152	980	131.6	55	May 14, 2024	J-GAAP
Mar, 2025 Guidance	35,000	1,000	1,200	1,000	134.9	55	Nov 1, 2024	J-GAAP
YoY	+0.9%	+2.2%	+4.2%	+2.0%	+2.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	8,716	281	251	155	20.7	3.2	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	8,487	207	271	168	22.5	2.4	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	8,402	85	132	329	44.2	1.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	8,996	410	546	319	43.1	4.6	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	8,541	84	81	149	20.1	1.0	Nov 1, 2024	J-GAAP
YoY	-2.0%	-70.1%	-67.7%	-3.9%	-2.9%