RINNAI CORPORATION, First Half Ordinary Profit Increases by 50%

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Thu Nov 7, 2024 10:40 am JST Earnings

5947 RINNAI CORPORATION 【J-GAAP】

Earnings Report

RINNAI CORPORATION <5947> [TSE-P] announced its financial results in the morning on November 7th (10:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 22.3 billion yen, an increase of 49.7% compared to the same period last year, exceeded the previous forecast of 18.9 billion yen.

The progress rate against the 48 billion yen full-year plan was 46.5%, exceeding the five-year average of 41.9%.

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 17.6% from the same period last year to 25.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 26.9% from the same period last year, reaching 11.4 billion yen. The operating profit margin significantly improved from 6.8% in the same period last year to 10.8%.

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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	194,347	19,084	22,213	13,382	90.1	49.8	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	192,694	10,120	14,910	7,902	54.4	32.4	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	212,124	20,996	22,327	12,247	86.0	46.5	Nov 7, 2024	J-GAAP
YoY	+10.1%	+107.5%	+49.7%	+55.0%	+58.1%

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	212,000	17,300	18,900	11,500	81.0	40	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	212,124	20,996	22,327	12,247	86.0	40	Nov 7, 2024	J-GAAP
Revision Rate	+0.1%	+21.4%	+18.1%	+6.5%	+6.2%

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	237,492	29,242	31,161	18,765	130.0	30	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	237,876	24,004	25,673	16,053	114.1	40	Nov 7, 2024	J-GAAP
YoY	+0.2%	-17.9%	-17.6%	-14.5%	-12.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	425,229	41,418	44,565	26,096	176.9	53.33	May 10, 2023	J-GAAP
Mar, 2024	430,186	39,362	46,071	26,667	184.8	60	May 9, 2024	J-GAAP
Mar, 2025 Guidance	450,000	45,000	48,000	28,300	201.2	80	May 9, 2024	J-GAAP
YoY	+4.6%	+14.3%	+4.2%	+6.1%	+8.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	102,841	7,007	9,015	4,614	31.8	6.8	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	117,468	15,348	15,561	9,473	65.5	13.1	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	120,024	13,894	15,600	9,292	64.4	11.6	May 9, 2024	J-GAAP
Apr - Jun, 2024	98,185	8,717	10,889	6,817	47.7	8.9	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	113,939	12,279	11,438	5,430	38.1	10.8	Nov 7, 2024	J-GAAP
YoY	+10.8%	+75.2%	+26.9%	+17.7%	+20.1%