SHINOBU FOODS PRODUCTS CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 8%Decrease

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Fri Nov 8, 2024 2:00 pm JST Earnings

2903 SHINOBU FOODS PRODUCTS CO.,LTD. 【J-GAAP】

Earnings Report

SHINOBU FOODS PRODUCTS CO.,LTD. <2903> [TSE-S] announced its financial results in the afternoon session on November 8th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 7.9% from the same period last year to 1.24 billion yen, resulting in a decrease in profits compared to the previous forecast of a 3.2% increase.

The progress rate against the 2.5 billion yen full-year plan was 50.0%, almost the same as the five-year average of 52.6%.

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 grow by 18.8% from the same period last year, reaching 1.25 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 600 million yen, a 15.5% decrease compared to the same period last year. The operating profit margin worsened from 5.1% in the same period last year to 4.1%.

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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	25,354	905	927	696	56.3	48.7	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	27,368	1,327	1,356	977	79.2	56.3	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	28,569	1,221	1,249	937	76.3	50.0	Nov 8, 2024	J-GAAP
YoY	+4.4%	-8.0%	-7.9%	-4.1%	-3.7%

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	28,000	1,380	1,400	1,000	81.6	12.50	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	28,569	1,221	1,249	937	76.3	12.50	Nov 8, 2024	J-GAAP
Revision Rate	+2.0%	-11.5%	-10.8%	-6.3%	-6.5%

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	27,457	1,042	1,053	190	15.4	14.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	27,431	1,259	1,251	763	63.2	12.50	Nov 8, 2024	J-GAAP
YoY	-0.1%	+20.8%	+18.8%	+301.6%	+309.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	51,047	1,876	1,904	103	8.3	21	May 11, 2023	J-GAAP
Mar, 2024	54,825	2,369	2,409	1,167	94.7	25	May 10, 2024	J-GAAP
Mar, 2025 Guidance	56,000	2,480	2,500	1,700	140.8	25	May 10, 2024	J-GAAP
YoY	+2.1%	+4.7%	+3.8%	+45.7%	+48.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	14,097	713	710	519	42.1	5.1	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	14,180	689	702	486	39.4	4.9	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	13,277	353	351	-296	-24.0	2.7	May 10, 2024	J-GAAP
Apr - Jun, 2024	13,941	616	649	464	37.7	4.4	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	14,628	605	600	473	38.5	4.1	Nov 8, 2024	J-GAAP
YoY	+3.8%	-15.1%	-15.5%	-8.9%	-8.5%