NIPPON CHEMI-CON CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 25% Decrease

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Tue Nov 5, 2024 3:30 pm JST Earnings

6997 NIPPON CHEMI-CON CORPORATION 【J-GAAP】

Earnings Report

NIPPON CHEMI-CON CORPORATION <6997> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 94.4% from the same period last year to 298 million yen, fell short of the previous forecast of 2.2 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 41.0%, from the previous forecast of 10 billion yen to 5.9 billion yen (compared to 7.91 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 25.4% 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 surge by 2.2 times that of the same period last year, reaching 5.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 216 million yen (compared to a profit of 2.69 billion yen in the same period last year). The operating profit margin worsened from 6.9% in the same period last year to 4.3%.

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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	77,041	4,853	4,803	-514	-25.4	43.7	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	80,341	5,123	5,320	-22,781	-1,123.5	67.2	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	59,914	1,850	298	78	3.7	5.1	Nov 5, 2024	J-GAAP
YoY	-25.4%	-63.9%	-94.4%	－	－

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	66,500	3,200	2,200	1,600	74.9	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	59,914	1,850	298	78	3.7	0	Nov 5, 2024	J-GAAP
Revision Rate	-9.9%	-42.2%	-86.5%	-95.1%	-95.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	153,000	11,500	10,000	7,400	346.9	－	May 10, 2024	J-GAAP
Mar, 2025 New	133,000	7,200	5,900	4,000	187.5	－	Nov 5, 2024	J-GAAP
Revision Rate	-13.1%	-37.4%	-41.0%	-45.9%	-45.9%

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	70,399	4,299	2,593	1,490	72.0	0	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	73,086	5,350	5,602	3,922	183.9	－	Nov 5, 2024	J-GAAP
YoY	+3.8%	+24.4%	+116.0%	+163.2%	+155.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	161,881	12,939	10,994	2,273	112.1	0	May 10, 2023	J-GAAP
Mar, 2024	150,740	9,422	7,913	-21,291	-1,029.2	0	May 10, 2024	J-GAAP
Mar, 2025 Guidance	133,000	7,200	5,900	4,000	187.5	－	Nov 5, 2024	J-GAAP
YoY	-11.8%	-23.6%	-25.4%	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	39,204	2,710	2,690	-8,954	-441.6	6.9	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	35,680	2,085	1,055	640	31.3	5.8	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	34,719	2,214	1,538	850	41.1	6.4	May 10, 2024	J-GAAP
Apr - Jun, 2024	29,296	520	514	451	21.1	1.8	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	30,618	1,330	-216	-373	-17.5	4.3	Nov 5, 2024	J-GAAP
YoY	-21.9%	-50.9%	－	+95.8%	+96.0%