TOYO ELECTRIC CORPORATION, First Half Ordinary Profit Decreases by 51%, July-September Ordinary Profit Decreases by 20%

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Thu Nov 7, 2024 4:40 pm JST Earnings

6655 TOYO ELECTRIC CORPORATION 【J-GAAP】

Earnings Report

TOYO ELECTRIC CORPORATION <6655> [NSE-M] announced its financial results after the market closed on November 7th (16:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 50.7% from the same period last year to 104 million yen. The progress rate against the 397 million yen full-year plan was 26.2%, also falling below the five-year average of 34.2%.

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 31.4% from the same period last year, reaching 293 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 82 million yen, a 20.4% decrease compared to the same period last year. The operating profit margin worsened from 4.5% in the same period last year to 2.4%.

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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	3,461	-167	-112	-374	-88.0	ー	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	4,210	153	211	239	56.0	48.6	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	4,458	33	104	105	25.3	26.2	Nov 7, 2024	J-GAAP
YoY	+5.9%	-78.4%	-50.7%	-56.1%	-54.9%

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	4,422	46	91	93	22.1	10	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	4,458	33	104	105	25.3	10	Nov 7, 2024	J-GAAP
Revision Rate	+0.8%	-28.3%	+14.3%	+12.9%	+14.2%

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	4,583	193	223	213	50.1	15	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,928	321	293	204	48.5	10	Nov 7, 2024	J-GAAP
YoY	+7.5%	+66.3%	+31.4%	-4.2%	-3.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,566	-87	-4	-280	-65.9	20	May 12, 2023	J-GAAP
Mar, 2024	8,793	346	434	452	106.3	25	May 10, 2024	J-GAAP
Mar, 2025 Guidance	9,386	354	397	309	73.5	20	May 10, 2024	J-GAAP
YoY	+6.7%	+2.3%	-8.5%	-31.6%	-30.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,212	99	103	168	39.4	4.5	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	2,454	118	133	125	29.3	4.8	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	2,129	75	90	88	20.7	3.5	May 10, 2024	J-GAAP
Apr - Jun, 2024	1,918	-29	22	47	11.3	-1.5	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	2,540	62	82	58	14.0	2.4	Nov 7, 2024	J-GAAP
YoY	+14.8%	-37.4%	-20.4%	-65.5%	-64.6%