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

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 1,800 226.4 60 May 10, 2024 J-GAAP
Mar, 2025 New 43,000 2,700 2,500 1,800 226.4 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 1,020 128.3 80 Nov 8, 2024 J-GAAP
YoY +8.2% +24.2% +25.5% -0.7% +3.2%

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 1,800 226.4 80 Nov 8, 2024 J-GAAP
YoY +5.4% +18.9% -19.5% -29.1% -26.3%

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%

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