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Nippon Aqua Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 11% Decrease

Fri Nov 8, 2024 3:30 pm JST Earnings

1429 Nippon Aqua Co., Ltd. 【J-GAAP】

Earnings Report

Nippon Aqua Co., Ltd. <1429> [TSE-P] announced its financial results after the market closed on November 8th (15:30). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 30.4% from the same period last year to 1.54 billion yen.

In addition, the full-year ordinary profit has downwardly by 16.1%, from the previous forecast of 3.1 billion yen to 2.6 billion yen (compared to 2.91 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 10.9% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit for the July to December period (second half) has downwardly by 22.4%, from the previous forecast of 2.23 billion yen to 1.73 billion yen (compared to 1.51 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 47.1% to 14.2%.

In the most recent three-month period, from July to September (3Q), the ordinary profit decreased to 680 million yen, a 17.6% decrease compared to the same period last year. The operating profit margin decreased from 11.7% in the same period last year to 8.7%.

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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 18,259 1,631 1,660 1,122 34.8 70.4 Nov 9, 2022 J-GAAP
Jan - Sep, 2023 20,165 2,199 2,225 1,509 48.1 76.3 Nov 10, 2023 J-GAAP
Jan - Sep, 2024 20,817 1,521 1,548 1,043 33.2 59.5 Nov 8, 2024 J-GAAP
YoY +3.2% -30.8% -30.4% -30.9% -30.9%

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 17,893 2,251 2,232 1,513 48.2 34 Aug 9, 2024 J-GAAP
Jul - Dec, 2024 New 16,888 1,751 1,732 1,176 37.4 34 Nov 8, 2024 J-GAAP
Revision Rate -5.6% -22.2% -22.4% -22.3% -22.3%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2024 Prev 31,005 3,100 3,100 2,092 66.6 34 Feb 14, 2024 J-GAAP
Dec, 2024 New 30,000 2,600 2,600 1,755 55.9 34 Nov 8, 2024 J-GAAP
Revision Rate -3.2% -16.1% -16.1% -16.1% -16.1%

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 15,183 1,501 1,517 1,056 33.6 32 Feb 14, 2024 J-GAAP
Jul - Dec, 2024 Guidance 16,888 1,751 1,732 1,176 37.4 34 Nov 8, 2024 J-GAAP
YoY +11.2% +16.7% +14.2% +11.4% +11.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2022 25,670 2,329 2,359 1,549 48.0 24 Feb 10, 2023 J-GAAP
Dec, 2023 28,341 2,881 2,917 2,004 63.8 32 Feb 14, 2024 J-GAAP
Dec, 2024 Guidance 30,000 2,600 2,600 1,755 55.9 34 Nov 8, 2024 J-GAAP
YoY +5.9% -9.8% -10.9% -12.4% -12.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 7,007 819 825 561 17.9 11.7 Nov 10, 2023 J-GAAP
Oct - Dec, 2023 8,176 682 692 495 15.8 8.3 Feb 14, 2024 J-GAAP
Jan - Mar, 2024 6,272 445 453 302 9.6 7.1 May 10, 2024 J-GAAP
Apr - Jun, 2024 6,840 404 415 277 8.8 5.9 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 7,705 672 680 464 14.8 8.7 Nov 8, 2024 J-GAAP
YoY +10.0% -17.9% -17.6% -17.3% -17.3%

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