NITTO KOGYO CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward by 4%, Dividend Revised Upward by 4 yen

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Tue Nov 5, 2024 3:40 pm JST Earnings

6651 NITTO KOGYO CORPORATION 【J-GAAP】

Earnings Report

NITTO KOGYO CORPORATION <6651> [TSE-P] announced its financial results after the market closed on November 5th (15:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 14.5% from the same period last year to 4.43 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 4.0%, from the previous forecast of 12.5 billion yen to 12 billion yen (compared to 12.5 billion yen in the previous period), leading to an increase in the profit decline rate from 0.5% to 4.5%. However, the full-year consolidated net income has been revised upward by 3.1%, from the previous forecast of 9.7 billion yen to 10 billion yen (compared to 8.71 billion yen in the previous period), increasing the growth rate from 11.3% to 14.7%. The company has further increased its previous forecast of record profits for the first time in four years.

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 grow by 2.5% from the same period last year, reaching 7.56 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 128 yen to 132 yen (compared to 230 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.43 billion yen, a 22.3% decrease compared to the same period last year. The operating profit margin worsened from 7.7% in the same period last year to 5.7%.

Kabutan News

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	65,601	2,171	2,955	1,698	44.8	32.6	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	73,163	4,771	5,187	3,564	94.0	41.3	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	81,983	4,063	4,433	5,212	137.4	36.9	Nov 5, 2024	J-GAAP
YoY	+12.1%	-14.8%	-14.5%	+46.2%	+46.2%

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	83,000	4,700	4,900	5,600	147.6	64	Aug 5, 2024	J-GAAP
Apr - Sep, 2024 Results	81,983	4,063	4,433	5,212	137.4	64	Nov 5, 2024	J-GAAP
Revision Rate	-1.2%	-13.6%	-9.5%	-6.9%	-6.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	180,000	12,500	12,500	9,700	255.7	128	May 15, 2024	J-GAAP
Mar, 2025 New	178,000	12,000	12,000	10,000	263.6	132	Nov 5, 2024	J-GAAP
Revision Rate	-1.1%	-4.0%	-4.0%	+3.1%	+3.1%

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	87,546	7,196	7,379	5,151	135.8	158	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	96,017	7,937	7,567	4,788	126.2	68	Nov 5, 2024	J-GAAP
YoY	+9.7%	+10.3%	+2.5%	-7.0%	-7.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	146,698	8,172	9,056	5,479	144.5	145	May 15, 2023	J-GAAP
Mar, 2024	160,709	11,967	12,566	8,715	229.8	230	May 15, 2024	J-GAAP
Mar, 2025 Guidance	178,000	12,000	12,000	10,000	263.6	132	Nov 5, 2024	J-GAAP
YoY	+10.8%	+0.3%	-4.5%	+14.7%	+14.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	38,747	3,000	3,138	2,181	57.5	7.7	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	43,744	4,225	4,319	3,048	80.4	9.7	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	43,802	2,971	3,060	2,103	55.5	6.8	May 15, 2024	J-GAAP
Apr - Jun, 2024	38,742	1,601	1,996	3,704	97.7	4.1	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	43,241	2,462	2,437	1,508	39.8	5.7	Nov 5, 2024	J-GAAP
YoY	+11.6%	-17.9%	-22.3%	-30.9%	-30.9%