SHIZUKI ELECTRIC COMPANY INC., First Half Ordinary Profit Decreases by 4%

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Wed Nov 6, 2024 1:00 pm JST Earnings

6994 SHIZUKI ELECTRIC COMPANY INC. 【J-GAAP】

Earnings Report

SHIZUKI ELECTRIC COMPANY INC. <6994> [TSE-S] announced its financial results in the afternoon session on November 6th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 4.3% from the same period last year to 444 million yen. However, The progress rate against the 850 million yen full-year plan was 52.2%, also surpassing the five-year average of 29.8%.

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 drop by 38.1% from the same period last year to 406 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 205 million yen, a 40.9% decrease compared to the same period last year. However, the operating profit margin improved from 5.5% in the same period last year to 6.0%.

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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	12,457	135	353	191	5.8	28.9	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	12,746	414	464	100	3.5	41.4	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	12,838	562	444	230	9.1	52.2	Nov 6, 2024	J-GAAP
YoY	+0.7%	+35.7%	-4.3%	+130.0%	+163.4%

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	11,800	300	250	100	4.0	3	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	12,838	562	444	230	9.1	3	Nov 6, 2024	J-GAAP
Revision Rate	+8.8%	+87.3%	+77.6%	+130.0%	+130.8%

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	13,559	684	656	82	3.0	5.50	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	12,162	538	406	170	6.7	5.50	Nov 6, 2024	J-GAAP
YoY	-10.3%	-21.3%	-38.1%	+107.3%	+122.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	26,127	937	1,223	760	23.1	9	May 15, 2023	J-GAAP
Mar, 2024	26,305	1,098	1,120	182	6.7	8.50	May 15, 2024	J-GAAP
Mar, 2025 Guidance	25,000	1,100	850	400	15.8	8.50	May 15, 2024	J-GAAP
YoY	-5.0%	+0.2%	-24.1%	+119.8%	+135.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	6,595	362	347	199	6.9	5.5	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	6,972	338	260	99	3.6	4.8	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	6,587	346	396	-17	-0.6	5.3	May 15, 2024	J-GAAP
Apr - Jun, 2024	6,165	164	239	105	4.2	2.7	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	6,673	398	205	125	5.0	6.0	Nov 6, 2024	J-GAAP
YoY	+1.2%	+9.9%	-40.9%	-37.2%	-28.1%