HOKUETSU INDUSTRIES CO., LTD., First Half Ordinary Profit Decreases by 18%, July-September Ordinary Profit Decreases by 41%

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Wed Nov 6, 2024 3:30 pm JST Earnings

6364 HOKUETSU INDUSTRIES CO., LTD. 【J-GAAP】

Earnings Report

HOKUETSU INDUSTRIES CO., LTD. <6364> [TSE-P] announced its financial results after the market closed on November 6th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 18.0% from the same period last year to 3.44 billion yen. The progress rate against the 7.4 billion yen full-year plan was 46.6%, almost the same as the five-year average of 48.1%.

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 grow by 26.8% from the same period last year, reaching 3.95 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 1.21 billion yen, a 40.8% decrease compared to the same period last year. However, the operating profit margin rose from 14.4% in the same period last year to 15.1%.

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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	22,437	2,461	3,134	2,149	75.7	58.3	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	25,803	3,595	4,207	2,927	104.1	57.4	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	27,499	3,913	3,449	2,394	86.2	46.6	Nov 6, 2024	J-GAAP
YoY	+6.6%	+8.8%	-18.0%	-18.2%	-17.2%

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	27,900	3,600	3,700	2,600	93.6	20	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	27,499	3,913	3,449	2,394	86.2	20	Nov 6, 2024	J-GAAP
Revision Rate	-1.4%	+8.7%	-6.8%	-7.9%	-8.0%

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	26,097	2,592	3,116	2,171	77.6	37	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	28,501	3,217	3,951	2,706	98.1	37	Nov 6, 2024	J-GAAP
YoY	+9.2%	+24.1%	+26.8%	+24.6%	+26.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	49,000	4,842	5,380	3,752	132.5	45	May 10, 2023	J-GAAP
Mar, 2024	51,900	6,187	7,323	5,098	182.2	57	May 9, 2024	J-GAAP
Mar, 2025 Guidance	56,000	7,130	7,400	5,100	184.9	57	May 9, 2024	J-GAAP
YoY	+7.9%	+15.2%	+1.1%	+0.0%	+1.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,999	2,010	2,046	1,423	50.6	14.4	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	13,532	1,849	1,286	875	31.2	13.7	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	12,565	743	1,830	1,296	46.3	5.9	May 9, 2024	J-GAAP
Apr - Jun, 2024	13,249	1,760	2,237	1,557	56.1	13.3	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	14,250	2,153	1,212	837	30.1	15.1	Nov 6, 2024	J-GAAP
YoY	+1.8%	+7.1%	-40.8%	-41.2%	-40.5%