AUTOWAVE Co.,Ltd., First Half Ordinary Profit Decreases by 29%, July-September Ordinary Profit Decreases by 10%

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Fri Nov 8, 2024 2:00 pm JST Earnings

2666 AUTOWAVE Co.,Ltd. 【J-GAAP】

Earnings Report

AUTOWAVE Co.,Ltd. <2666> [TSE-S] announced its financial results in the afternoon session on November 8th (14:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 28.8% from the same period last year to 116 million yen. The progress rate against the 443 million yen full-year plan was 26.2%, also falling below the five-year average of 30.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 24.3% from the same period last year, reaching 327 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit decreased to 71 million yen, a 10.1% decrease compared to the same period last year. The operating profit margin worsened from 2.5% in the same period last year to 2.0%.

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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	3,652	86	148	92	6.4	36.2	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	4,052	111	163	99	6.9	38.3	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	4,066	58	116	67	4.7	26.2	Nov 8, 2024	J-GAAP
YoY	+0.3%	-47.7%	-28.8%	-32.3%	-31.7%

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	4,017	47	105	61	4.2	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	4,066	58	116	67	4.7	0	Nov 8, 2024	J-GAAP
Revision Rate	+1.2%	+23.4%	+10.5%	+9.8%	+11.1%

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	4,370	222	263	164	11.4	3	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,448	264	327	206	14.3	3	Nov 8, 2024	J-GAAP
YoY	+1.8%	+18.9%	+24.3%	+25.6%	+25.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,994	296	409	259	18.0	2	May 12, 2023	J-GAAP
Mar, 2024	8,422	333	426	263	18.2	3	May 10, 2024	J-GAAP
Mar, 2025 Guidance	8,514	322	443	273	18.9	3	May 10, 2024	J-GAAP
YoY	+1.1%	-3.3%	+4.0%	+3.8%	+3.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,064	52	79	47	3.3	2.5	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	2,268	140	175	110	7.6	6.2	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	2,102	82	88	54	3.7	3.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	1,990	17	45	24	1.7	0.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,076	41	71	43	3.0	2.0	Nov 8, 2024	J-GAAP
YoY	+0.6%	-21.2%	-10.1%	-8.5%	-7.7%