USHIO INC., The Current Fiscal Year Ordinary Profit Revised Upward by 46%

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Wed Nov 6, 2024 4:30 pm JST Earnings

6925 USHIO INC. 【J-GAAP】

Earnings Report

USHIO INC. <6925> [TSE-P] announced its financial results after the market closed on November 6th (16:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 13.4% from the same period last year to 5.44 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 46.2%, from the previous forecast of 6.5 billion yen to 9.5 billion yen (compared to 16 billion yen in the previous period), and the declining rate is expected to decrease from 59.6% to 40.9%.

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 significant drop by 58.6% from the same period last year to 4.05 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 15.1% from the same period last year, reaching 3.98 billion yen. The operating profit margin improved from 6.4% in the same period last year to 8.2%.

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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	87,955	10,111	13,642	9,512	79.9	67.7	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	85,003	4,969	6,288	4,259	36.9	39.1	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	85,643	4,270	5,445	2,304	23.0	57.3	Nov 6, 2024	J-GAAP
YoY	+0.8%	-14.1%	-13.4%	-45.9%	-37.8%

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	ー	ー	ー	ー	－	－	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	85,643	4,270	5,445	2,304	23.0	－	Nov 6, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	175,000	5,000	6,500	4,500	48.4	70	May 14, 2024	J-GAAP
Mar, 2025 New	175,000	7,500	9,500	6,000	64.5	70	Nov 6, 2024	J-GAAP
Revision Rate	0.0%	+50.0%	+46.2%	+33.3%	+33.3%

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	94,417	8,007	9,800	6,526	58.8	50	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	89,357	3,230	4,055	3,696	39.8	70	Nov 6, 2024	J-GAAP
YoY	-5.4%	-59.7%	-58.6%	-43.4%	-32.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	175,025	15,861	20,144	13,699	115.7	50	May 11, 2023	J-GAAP
Mar, 2024	179,420	12,976	16,088	10,785	97.2	50	May 14, 2024	J-GAAP
Mar, 2025 Guidance	175,000	7,500	9,500	6,000	64.5	70	Nov 6, 2024	J-GAAP
YoY	-2.5%	-42.2%	-40.9%	-44.4%	-33.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	45,722	2,914	3,463	2,465	21.4	6.4	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	47,507	5,237	6,327	4,432	39.2	11.0	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	46,910	2,770	3,473	2,094	18.9	5.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	37,539	342	1,459	297	2.9	0.9	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	48,104	3,928	3,986	2,007	20.0	8.2	Nov 6, 2024	J-GAAP
YoY	+5.2%	+34.8%	+15.1%	-18.6%	-6.5%