Nagoya Railroad Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 14%

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Fri Nov 8, 2024 3:00 pm JST Earnings

9048 Nagoya Railroad Co., Ltd. 【J-GAAP】

Earnings Report

Nagoya Railroad Co., Ltd. <9048> [TSE-P] announced its financial results in the afternoon session on November 8th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 28.4 billion yen, an increase of 64.3% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 13.6%, from the previous forecast of 40.5 billion yen to 46 billion yen (compared to 37.5 billion yen in the previous period), increasing the growth rate from 7.9% to 22.5%.

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 decrease by 13.1% from the same period last year to 17.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 91.8% from the same period last year, reaching 15.6 billion yen. The operating profit margin improved from 5.7% in the same period last year to 7.4%.

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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	263,125	10,180	11,701	7,746	39.4	44.4	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	283,728	15,900	17,293	9,980	50.8	46.1	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	334,518	24,168	28,411	21,588	109.8	61.8	Nov 8, 2024	J-GAAP
YoY	+17.9%	+52.0%	+64.3%	+116.3%	+116.2%

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	334,500	24,200	28,400	21,600	109.8	0	Nov 7, 2024	J-GAAP
Apr - Sep, 2024 Results	334,518	24,168	28,411	21,588	109.8	0	Nov 8, 2024	J-GAAP
Revision Rate	+0.0%	-0.1%	+0.0%	-0.1%	0.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	675,000	40,000	40,500	28,000	142.8	30	May 10, 2024	J-GAAP
Mar, 2025 New	686,000	41,000	46,000	29,000	147.9	30	Nov 8, 2024	J-GAAP
Revision Rate	+1.6%	+2.5%	+13.6%	+3.6%	+3.6%

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	317,393	18,850	20,251	14,420	73.4	27.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	351,482	16,832	17,589	7,412	37.8	30	Nov 8, 2024	J-GAAP
YoY	+10.7%	-10.7%	-13.1%	-48.6%	-48.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	551,504	22,731	26,362	18,850	95.9	20	May 11, 2023	J-GAAP
Mar, 2024	601,121	34,750	37,544	24,400	124.1	27.50	May 10, 2024	J-GAAP
Mar, 2025 Guidance	686,000	41,000	46,000	29,000	147.9	30	Nov 8, 2024	J-GAAP
YoY	+14.1%	+18.0%	+22.5%	+18.9%	+19.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	142,751	8,140	8,158	2,737	13.9	5.7	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	159,755	14,220	15,611	11,551	58.8	8.9	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	157,638	4,630	4,640	2,869	14.6	2.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	166,157	11,673	12,762	10,497	53.4	7.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	168,361	12,495	15,649	11,091	56.4	7.4	Nov 8, 2024	J-GAAP
YoY	+17.9%	+53.5%	+91.8%	+305.2%	+305.0%