KUBOTA CORPORATION, The Current Fiscal Year Net Income Revised Downward by 6%, The Undetermined Dividend to Rise by 2 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

6326 KUBOTA CORPORATION 【IFRS】

Earnings Report

KUBOTA CORPORATION <6326> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 8th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) increased by 8.5% from the same period last year, reaching 197 billion yen.

However, the full-year consolidated net income has downwardly by 6.0%, from the previous forecast of 235 billion yen to 221 billion yen (compared to 238 billion yen in the previous period), leading to an increase in the profit decline rate from 1.4% to 7.3%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the July to December period (second half) has downwardly by 16.6%, from the previous forecast of 84.1 billion yen to 70.1 billion yen (compared to 109 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 23.2% to 36.0%.

At the same time, the company has decided to implement a annual dividend of 50 yen for the current fiscal year, which was previously undecided (compared to 48 yen in the prior term).

In the most recent three-month period, from July to September (3Q), the consolidated net income decreased to 47.1 billion yen, a 12.0% decrease compared to the same period last year. The operating profit margin decreased from 10.1% in the same period last year to 9.7%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	1,952,571	180,007	194,238	133,689	111.8	84.0	Nov 9, 2022	IFRS
Jan - Sep, 2023	2,258,231	258,857	268,372	182,366	154.0	78.4	Nov 8, 2023	IFRS
Jan - Sep, 2024	2,277,925	275,380	287,984	197,916	169.0	88.3	Nov 8, 2024	IFRS
YoY	+0.9%	+6.4%	+7.3%	+8.5%	+9.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	1,420,401	122,656	131,273	84,196	73.3	－	Aug 7, 2024	IFRS
Jul - Dec, 2024 New	1,370,401	102,656	109,273	70,196	61.1	25	Nov 8, 2024	IFRS
Revision Rate	-3.5%	-16.3%	-16.8%	-16.6%	-16.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	3,000,000	330,000	348,000	235,000	204.5	－	Aug 7, 2024	IFRS
Dec, 2024 New	2,950,000	310,000	326,000	221,000	192.3	50	Nov 8, 2024	IFRS
Revision Rate	-1.7%	-6.1%	-6.3%	-6.0%	-6.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	1,500,671	144,255	150,448	109,632	92.8	24	Feb 14, 2024	IFRS
Jul - Dec, 2024 Guidance	1,370,401	102,656	109,273	70,196	61.1	25	Nov 8, 2024	IFRS
YoY	-8.7%	-28.8%	-27.4%	-36.0%	-34.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	2,676,980	214,387	231,150	156,472	131.1	44	Feb 14, 2023	IFRS
Dec, 2023	3,020,711	328,829	342,289	238,455	201.7	48	Feb 14, 2024	IFRS
Dec, 2024 Guidance	2,950,000	310,000	326,000	221,000	192.3	50	Nov 8, 2024	IFRS
YoY	-2.3%	-5.7%	-4.8%	-7.3%	-4.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	738,191	74,283	76,531	53,543	45.2	10.1	Nov 8, 2023	IFRS
Oct - Dec, 2023	762,480	69,972	73,917	56,089	47.5	9.2	Feb 14, 2024	IFRS
Jan - Mar, 2024	775,232	102,950	106,119	72,922	62.1	13.3	May 10, 2024	IFRS
Apr - Jun, 2024	804,367	104,394	110,608	77,882	66.3	13.0	Aug 7, 2024	IFRS
Jul - Sep, 2024	698,326	68,036	71,257	47,112	40.2	9.7	Nov 8, 2024	IFRS
YoY	-5.4%	-8.4%	-6.9%	-12.0%	-11.0%