Daicel Corporation, The Current Fiscal Year Ordinary Profit Revised Downward by 10%, Dividend Revised Upward by 5 yen

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Thu Nov 7, 2024 1:20 pm JST Earnings

4202 Daicel Corporation 【J-GAAP】

Earnings Report

Daicel Corporation <4202> [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 30.7 billion yen, a 0.1% increase compared to the same period last year.

However, the full-year consolidated ordinary profit has downwardly by 10.4%, from the previous forecast of 67 billion yen to 60 billion yen (compared to 68.3 billion yen in the previous period), leading to an increase in the profit decline rate from 2.0% to 12.3%.

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 decrease by 22.4% from the same period last year to 29.2 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 55 yen to 60 yen (compared to 50 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 12.5 billion yen, a 30.2% decrease compared to the same period last year. The operating profit margin decreased from 12.5% in the same period last year to 9.8%.

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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	266,232	26,026	30,242	22,210	75.1	58.1	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	271,004	26,607	30,702	29,751	104.1	44.9	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	289,688	31,607	30,745	32,053	116.2	51.2	Nov 7, 2024	J-GAAP
YoY	+6.9%	+18.8%	+0.1%	+7.7%	+11.6%

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	295,000	32,000	33,500	30,000	108.7	27	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	289,688	31,607	30,745	32,053	116.2	30	Nov 7, 2024	J-GAAP
Revision Rate	-1.8%	-1.2%	-8.2%	+6.8%	+6.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	610,000	65,000	67,000	58,000	215.4	55	May 9, 2024	J-GAAP
Mar, 2025 New	600,000	60,000	60,000	51,000	189.4	60	Nov 7, 2024	J-GAAP
Revision Rate	-1.6%	-7.7%	-10.4%	-12.1%	-12.1%

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	287,052	35,786	37,694	26,083	92.3	25	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	310,312	28,393	29,255	18,947	70.4	30	Nov 7, 2024	J-GAAP
YoY	+8.1%	-20.7%	-22.4%	-27.4%	-23.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	538,026	47,508	52,035	40,682	138.9	38	May 11, 2023	J-GAAP
Mar, 2024	558,056	62,393	68,396	55,834	197.6	50	May 9, 2024	J-GAAP
Mar, 2025 Guidance	600,000	60,000	60,000	51,000	189.4	60	Nov 7, 2024	J-GAAP
YoY	+7.5%	-3.8%	-12.3%	-8.7%	-4.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	140,202	17,489	18,009	14,767	51.7	12.5	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	143,272	17,880	17,469	14,458	50.8	12.5	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	143,780	17,906	20,225	11,625	41.1	12.5	May 9, 2024	J-GAAP
Apr - Jun, 2024	145,572	17,458	18,179	16,189	58.7	12.0	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	144,116	14,149	12,566	15,864	57.5	9.8	Nov 7, 2024	J-GAAP
YoY	+2.8%	-19.1%	-30.2%	+7.4%	+11.2%