Osaki Electric Co.,Ltd., First Half Ordinary Profit Decreases by 35%, July-September Ordinary Profit Decreases by 40%

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Tue Nov 5, 2024 3:35 pm JST Earnings

6644 Osaki Electric Co.,Ltd. 【J-GAAP】

Earnings Report

Osaki Electric Co.,Ltd. <6644> [TSE-P] announced its financial results after the market closed on November 5th (15:35). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 35.1% from the same period last year to 1.56 billion yen. The progress rate against the 4.6 billion yen full-year plan was 34.1%, also falling below the five-year average of 37.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 1.3% from the same period last year to 3.03 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 616 million yen, a 40.5% decrease compared to the same period last year. The operating profit margin worsened from 5.1% in the same period last year to 3.9%.

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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	39,562	535	348	1,041	21.8	18.5	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	44,174	2,325	2,415	1,356	29.0	44.0	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	44,451	1,730	1,568	571	12.2	34.1	Nov 5, 2024	J-GAAP
YoY	+0.6%	-25.6%	-35.1%	-57.9%	-57.9%

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	43,700	1,500	1,400	400	8.6	10	Aug 6, 2024	J-GAAP
Apr - Sep, 2024 Results	44,451	1,730	1,568	571	12.2	10	Nov 5, 2024	J-GAAP
Revision Rate	+1.7%	+15.3%	+12.0%	+42.8%	+42.6%

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	50,973	3,549	3,073	1,051	22.4	10	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	52,549	3,270	3,032	2,129	46.1	10	Nov 5, 2024	J-GAAP
YoY	+3.1%	-7.9%	-1.3%	+102.6%	+105.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	89,253	2,226	1,885	1,319	27.9	20	May 11, 2023	J-GAAP
Mar, 2024	95,147	5,874	5,488	2,407	51.4	20	May 9, 2024	J-GAAP
Mar, 2025 Guidance	97,000	5,000	4,600	2,700	58.5	20	Aug 6, 2024	J-GAAP
YoY	+1.9%	-14.9%	-16.2%	+12.2%	+13.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	22,807	1,156	1,035	588	12.6	5.1	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	24,218	2,037	1,945	828	17.7	8.4	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	26,755	1,512	1,128	223	4.8	5.7	May 9, 2024	J-GAAP
Apr - Jun, 2024	21,300	830	952	345	7.4	3.9	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	23,151	900	616	226	4.8	3.9	Nov 5, 2024	J-GAAP
YoY	+1.5%	-22.1%	-40.5%	-61.6%	-61.6%