The Sumitomo Warehouse Co.,Ltd., July-September (2Q) Ordinary Profit Decreases by 4%

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Thu Nov 7, 2024 1:20 pm JST Earnings

9303 The Sumitomo Warehouse Co.,Ltd. 【J-GAAP】

Earnings Report

The Sumitomo Warehouse Co.,Ltd. <9303> [TSE-P] announced its financial results in the afternoon session on November 7th (13:20). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 8.27 billion yen, a 2.1% decrease compared to the same period last year. The progress rate against the 17 billion yen full-year plan was 48.7%, almost the same as the five-year average of 48.9%.

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 grow by 3.5% from the same period last year, reaching 8.72 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3.16 billion yen, a 4.0% decrease compared to the same period last year. The operating profit margin worsened from 6.8% in the same period last year to 6.5%.

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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	123,520	17,655	19,158	14,781	184.0	65.8	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	93,532	6,541	8,452	5,488	69.2	50.1	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	95,286	6,368	8,276	5,157	65.8	48.7	Nov 7, 2024	J-GAAP
YoY	+1.9%	-2.6%	-2.1%	-6.0%	-4.9%

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	95,000	6,350	8,050	5,150	66.0	50.50	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	95,286	6,368	8,276	5,157	65.8	50.50	Nov 7, 2024	J-GAAP
Revision Rate	+0.3%	+0.3%	+2.8%	+0.1%	-0.3%

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	91,129	6,646	8,428	7,002	88.6	50.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	96,714	7,132	8,724	7,343	94.6	50.50	Nov 7, 2024	J-GAAP
YoY	+6.1%	+7.3%	+3.5%	+4.9%	+6.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	223,948	26,090	29,115	22,455	281.1	100	May 12, 2023	J-GAAP
Mar, 2024	184,661	13,187	16,880	12,490	158.0	101	May 10, 2024	J-GAAP
Mar, 2025 Guidance	192,000	13,500	17,000	12,500	161.0	101	May 10, 2024	J-GAAP
YoY	+4.0%	+2.4%	+0.7%	+0.1%	+1.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	46,854	3,199	3,293	1,970	24.8	6.8	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	47,202	3,742	5,579	3,728	47.1	7.9	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	43,927	2,904	2,849	3,274	41.4	6.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	46,396	3,194	5,114	3,273	41.7	6.9	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	48,890	3,174	3,162	1,884	24.1	6.5	Nov 7, 2024	J-GAAP
YoY	+4.3%	-0.8%	-4.0%	-4.4%	-3.2%