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

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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%