NICHIHA CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 38% Decrease

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Thu Nov 7, 2024 3:40 pm JST Earnings

7943 NICHIHA CORPORATION 【J-GAAP】

Earnings Report

NICHIHA CORPORATION <7943> [TSE-P] announced its financial results after the market closed on November 7th (15:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 38.5% from the same period last year to 3.23 billion yen, fell short of the previous forecast of 4.8 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 39.2%, from the previous forecast of 12 billion yen to 7.3 billion yen (compared to 11.8 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 38.4% decrease in profit.

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 drop by 38.4% from the same period last year to 4.06 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 900 million yen, a 66.6% decrease compared to the same period last year. The operating profit margin worsened from 6.1% in the same period last year to 4.7%.

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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	67,209	5,465	6,767	4,791	130.7	52.8	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	68,408	3,804	5,258	3,335	91.9	44.3	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	73,019	3,435	3,235	1,829	52.5	44.3	Nov 7, 2024	J-GAAP
YoY	+6.7%	-9.7%	-38.5%	-45.2%	-42.9%

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	72,000	4,500	4,800	3,400	99.0	57	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	73,019	3,435	3,235	1,829	52.5	57	Nov 7, 2024	J-GAAP
Revision Rate	+1.4%	-23.7%	-32.6%	-46.2%	-47.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	148,500	11,500	12,000	8,500	249.8	114	May 9, 2024	J-GAAP
Mar, 2025 New	148,500	7,000	7,300	4,500	132.3	114	Nov 7, 2024	J-GAAP
Revision Rate	0.0%	-39.1%	-39.2%	-47.1%	-47.1%

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	74,382	6,401	6,598	4,731	131.1	57	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	75,481	3,565	4,065	2,671	78.5	57	Nov 7, 2024	J-GAAP
YoY	+1.5%	-44.3%	-38.4%	-43.5%	-40.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	138,063	11,704	12,805	9,037	247.2	97	May 10, 2023	J-GAAP
Mar, 2024	142,790	10,205	11,856	8,066	223.6	114	May 9, 2024	J-GAAP
Mar, 2025 Guidance	148,500	7,000	7,300	4,500	132.3	114	Nov 7, 2024	J-GAAP
YoY	+4.0%	-31.4%	-38.4%	-44.2%	-40.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	35,581	2,178	2,698	1,579	43.5	6.1	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	39,416	3,867	3,213	2,289	63.2	9.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	34,966	2,534	3,385	2,442	67.7	7.2	May 9, 2024	J-GAAP
Apr - Jun, 2024	35,925	1,704	2,335	1,656	47.0	4.7	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	37,094	1,731	900	173	5.0	4.7	Nov 7, 2024	J-GAAP
YoY	+4.3%	-20.5%	-66.6%	-89.0%	-88.6%