HOKURIKU ELECTRIC INDUSTRY CO., LTD., First Half Ordinary Profit Decreases by 50%, Current Fiscal Year Dividend Revised Upward by 20 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

6989 HOKURIKU ELECTRIC INDUSTRY CO., LTD. 【J-GAAP】

Earnings Report

HOKURIKU ELECTRIC INDUSTRY CO., LTD. <6989> [TSE-S] announced its financial results after the market closed on November 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 49.5% from the same period last year to 941 million yen. The progress rate against the 2.5 billion yen full-year plan was 37.6%, also falling below the five-year average of 54.2%.

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 25.5% from the same period last year, reaching 1.55 billion yen.

At the same time, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 60 yen to 80 yen (compared to 60 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 13 million yen, a 98.7% decrease compared to the same period last year. The operating profit margin worsened from 6.5% in the same period last year to 5.6%.

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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	23,504	1,494	2,422	1,801	215.2	67.6	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	20,863	1,101	1,865	1,511	181.1	60.0	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	21,421	1,247	941	780	95.5	37.6	Nov 8, 2024	J-GAAP
YoY	+2.7%	+13.3%	-49.5%	-48.4%	-47.3%

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	－	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	21,421	1,247	941	780	95.5	0	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	43,000	2,700	2,500	1,800	224.1	60	May 10, 2024	J-GAAP
Mar, 2025 New	43,000	2,700	2,500	1,800	224.1	80	Nov 8, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

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	19,948	1,170	1,242	1,027	124.4	60	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	21,579	1,453	1,559	1,020	127.0	80	Nov 8, 2024	J-GAAP
YoY	+8.2%	+24.2%	+25.5%	-0.7%	+2.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	45,459	2,941	3,581	647	77.4	55	May 10, 2023	J-GAAP
Mar, 2024	40,811	2,271	3,107	2,538	307.3	60	May 10, 2024	J-GAAP
Mar, 2025 Guidance	43,000	2,700	2,500	1,800	224.1	80	Nov 8, 2024	J-GAAP
YoY	+5.4%	+18.9%	-19.5%	-29.1%	-27.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,611	688	1,008	819	98.2	6.5	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	10,450	734	473	643	77.6	7.0	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	9,498	436	769	384	46.5	4.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	10,521	641	928	752	92.2	6.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	10,900	606	13	28	3.4	5.6	Nov 8, 2024	J-GAAP
YoY	+2.7%	-11.9%	-98.7%	-96.6%	-96.5%