HAGIWARA ELECTRIC HOLDINGS, The Current Fiscal Year Ordinary Profit Revised Downward by 13%

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Fri Nov 8, 2024 1:20 pm JST Earnings

7467 HAGIWARA ELECTRIC HOLDINGS 【J-GAAP】

Earnings Report

HAGIWARA ELECTRIC HOLDINGS <7467> [TSE-P] announced its financial results in the afternoon session on November 8th (13:20). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 30.6% from the same period last year to 3.2 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 12.7%, from the previous forecast of 7.1 billion yen to 6.2 billion yen (compared to 7.22 billion yen in the previous period), leading to an increase in the profit decline rate from 1.7% to 14.1%.

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 grow by 15.1% from the same period last year, reaching 2.99 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 1.33 billion yen, a 36.2% decrease compared to the same period last year. The operating profit margin worsened from 3.6% in the same period last year to 2.7%.

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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	86,412	2,671	2,909	2,606	294.4	45.3	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	108,013	4,589	4,623	3,036	326.0	64.0	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	131,780	3,728	3,209	2,066	207.5	51.8	Nov 8, 2024	J-GAAP
YoY	+22.0%	-18.8%	-30.6%	-31.9%	-36.4%

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	ー	ー	ー	ー	－	90	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	131,780	3,728	3,209	2,066	207.5	90	Nov 8, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	269,000	7,900	7,100	4,600	461.6	185	May 14, 2024	J-GAAP
Mar, 2025 New	255,000	7,000	6,200	3,850	386.4	185	Nov 8, 2024	J-GAAP
Revision Rate	-5.2%	-11.4%	-12.7%	-16.3%	-16.3%

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	117,137	3,122	2,598	1,385	143.7	90	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	123,220	3,272	2,991	1,784	179.0	95	Nov 8, 2024	J-GAAP
YoY	+5.2%	+4.8%	+15.1%	+28.8%	+24.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	186,001	6,725	6,417	4,912	554.7	155	May 15, 2023	J-GAAP
Mar, 2024	225,150	7,711	7,221	4,421	458.8	185	May 14, 2024	J-GAAP
Mar, 2025 Guidance	255,000	7,000	6,200	3,850	386.4	185	Nov 8, 2024	J-GAAP
YoY	+13.3%	-9.2%	-14.1%	-12.9%	-15.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	57,509	2,089	2,094	1,330	142.8	3.6	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	57,424	1,852	1,523	903	94.8	3.2	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	59,713	1,270	1,075	482	50.0	2.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	62,148	1,859	1,872	1,215	122.1	3.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	69,632	1,869	1,337	851	85.5	2.7	Nov 8, 2024	J-GAAP
YoY	+21.1%	-10.5%	-36.2%	-36.0%	-40.2%