YAMATO HOLDINGS CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 75% Decrease

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Tue Nov 5, 2024 3:30 pm JST Earnings

9064 YAMATO HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

YAMATO HOLDINGS CO.,LTD. <9064> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 13.6 billion yen (compared to a profit of 12.6 billion yen in the same period last year), further increasing the deficit beyond the forecast of a loss of 5 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 80.0%, from the previous forecast of 50 billion yen to 10 billion yen (compared to 40.4 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 75.3% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 15.0% from the same period last year to 23.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 1.22 billion yen, a 88.7% decrease compared to the same period last year. The operating profit/loss margin worsened from 2.4% in the same period last year to -0.2%.

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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	883,755	18,048	18,275	10,358	28.6	31.5	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	866,582	12,358	12,641	5,384	15.1	31.2	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	840,413	-15,001	-13,652	-11,174	-32.6	ー	Nov 5, 2024	J-GAAP
YoY	-3.0%	－	－	－	－

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	850,000	-5,000	-5,000	-7,000	-20.4	23	Aug 1, 2024	J-GAAP
Apr - Sep, 2024 Results	840,413	-15,001	-13,652	-11,174	-32.6	23	Nov 5, 2024	J-GAAP
Revision Rate	-1.1%	-200.0%	-173.0%	-59.6%	-59.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,780,000	50,000	50,000	32,000	93.9	46	Aug 1, 2024	J-GAAP
Mar, 2025 New	1,730,000	10,000	10,000	5,000	14.7	46	Nov 5, 2024	J-GAAP
Revision Rate	-2.8%	-80.0%	-80.0%	-84.4%	-84.4%

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	892,044	27,701	27,817	32,242	91.9	23	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	889,587	25,001	23,652	16,174	47.5	23	Nov 5, 2024	J-GAAP
YoY	-0.3%	-9.7%	-15.0%	-49.8%	-48.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,800,668	60,085	58,066	45,898	126.6	46	May 10, 2023	J-GAAP
Mar, 2024	1,758,626	40,059	40,458	37,626	107.2	46	May 8, 2024	J-GAAP
Mar, 2025 Guidance	1,730,000	10,000	10,000	5,000	14.7	46	Nov 5, 2024	J-GAAP
YoY	-1.6%	-75.0%	-75.3%	-86.7%	-86.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	446,370	10,760	10,804	5,517	15.4	2.4	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	500,245	38,004	37,974	41,543	117.5	7.6	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	391,799	-10,303	-10,157	-9,301	-26.5	-2.6	May 8, 2024	J-GAAP
Apr - Jun, 2024	405,632	-14,204	-14,875	-10,112	-29.5	-3.5	Aug 1, 2024	J-GAAP
Jul - Sep, 2024	434,781	-797	1,223	-1,062	-3.1	-0.2	Nov 5, 2024	J-GAAP
YoY	-2.6%	－	-88.7%	－	－