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

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 64.4 12.50 Nov 8, 2024 J-GAAP
YoY -0.1% +20.8% +18.8% +301.6% +317.7%

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 1,700 143.5 25 May 10, 2024 J-GAAP
YoY +2.1% +4.7% +3.8% +45.7% +51.5%

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%

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