Showa Sangyo Co., Ltd., First Half Ordinary Profit Decreases by 3%

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Fri Nov 8, 2024 3:30 pm JST Earnings

2004 Showa Sangyo Co., Ltd. 【J-GAAP】

Earnings Report

Showa Sangyo Co., Ltd. <2004> [TSE-P] 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) decreased by 3.5% from the same period last year to 8.26 billion yen. However, The progress rate against the 13 billion yen full-year plan was 63.6%, also surpassing the five-year average of 51.8%.

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 drop by 40.8% from the same period last year to 4.73 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 3.07 billion yen, a 32.0% decrease compared to the same period last year. The operating profit margin worsened from 4.7% in the same period last year to 3.3%.

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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	163,410	2,317	3,312	1,947	58.3	50.8	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	175,582	7,352	8,558	5,730	171.3	51.7	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	168,582	6,867	8,262	7,586	232.1	63.6	Nov 8, 2024	J-GAAP
YoY	-4.0%	-6.6%	-3.5%	+32.4%	+35.5%

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	－	40	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	168,582	6,867	8,262	7,586	232.1	40	Nov 8, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	170,776	5,794	8,000	6,628	198.1	50	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	177,418	5,133	4,738	3,414	105.1	40	Nov 8, 2024	J-GAAP
YoY	+3.9%	-11.4%	-40.8%	-48.5%	-46.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	335,053	4,184	6,525	7,776	232.6	65	May 11, 2023	J-GAAP
Mar, 2024	346,358	13,146	16,558	12,358	369.4	80	May 13, 2024	J-GAAP
Mar, 2025 Guidance	346,000	12,000	13,000	11,000	338.7	80	May 13, 2024	J-GAAP
YoY	-0.1%	-8.7%	-21.5%	-11.0%	-8.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	85,783	4,039	4,516	2,947	88.1	4.7	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	89,973	3,967	5,579	4,632	138.5	4.4	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	80,803	1,827	2,421	1,996	59.7	2.3	May 13, 2024	J-GAAP
Apr - Jun, 2024	85,929	4,118	5,191	5,322	161.7	4.8	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	82,653	2,749	3,071	2,264	69.3	3.3	Nov 8, 2024	J-GAAP
YoY	-3.6%	-31.9%	-32.0%	-23.2%	-21.4%