TSUMURA & CO., First Half Ordinary Profit Increases by 85%

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Thu Nov 7, 2024 3:00 pm JST Earnings

4540 TSUMURA & CO. 【J-GAAP】

Earnings Report

TSUMURA & CO. <4540> [TSE-P] announced its financial results in the afternoon session on November 7th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 23.4 billion yen, an increase of 84.6% compared to the same period last year, exceeded the previous forecast of 19.3 billion yen.

The progress rate against the 39.5 billion yen full-year plan was 59.2%, also surpassing the five-year average of 55.2%.

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 expand by 48.8% from the same period last year, reaching 16 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 38.9% from the same period last year, reaching 9.28 billion yen. The operating profit margin jumped from 14.4% in the same period last year to 23.1%.

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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	70,107	11,677	15,965	11,889	155.5	68.1	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	75,302	10,211	12,675	9,005	118.4	54.0	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	89,071	21,075	23,402	17,502	230.5	59.2	Nov 7, 2024	J-GAAP
YoY	+18.3%	+106.4%	+84.6%	+94.4%	+94.7%

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	89,700	19,300	19,300	14,200	187.0	68	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	89,071	21,075	23,402	17,502	230.5	68	Nov 7, 2024	J-GAAP
Revision Rate	-0.7%	+9.2%	+21.3%	+23.3%	+23.3%

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	75,543	9,806	10,818	7,702	101.3	50	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	95,929	18,425	16,098	10,998	144.8	68	Nov 7, 2024	J-GAAP
YoY	+27.0%	+87.9%	+48.8%	+42.8%	+42.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	140,043	20,916	23,453	16,482	215.6	64	May 9, 2023	J-GAAP
Mar, 2024	150,845	20,017	23,493	16,707	219.8	85	May 9, 2024	J-GAAP
Mar, 2025 Guidance	185,000	39,500	39,500	28,500	375.3	136	May 9, 2024	J-GAAP
YoY	+22.6%	+97.3%	+68.1%	+70.6%	+70.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	38,266	5,527	6,686	4,673	61.4	14.4	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	40,524	8,932	9,725	7,146	94.0	22.0	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	35,019	874	1,093	556	7.3	2.5	May 9, 2024	J-GAAP
Apr - Jun, 2024	43,690	10,575	14,118	11,180	147.3	24.2	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	45,381	10,500	9,284	6,322	83.3	23.1	Nov 7, 2024	J-GAAP
YoY	+18.6%	+90.0%	+38.9%	+35.3%	+35.5%