YONEX CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 5%, Adds to Record High Profit Forecast, Dividend Revised Upward by 1 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

7906 YONEX CO.,LTD. 【J-GAAP】

Earnings Report

YONEX CO.,LTD. <7906> [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) increased by 18.1% from the same period last year, reaching 7.34 billion yen, resulting in an increase in profits compared to the previous forecast of a 0.3% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 4.8%, from the previous forecast of 12.5 billion yen to 13.1 billion yen (compared to 12.1 billion yen in the previous period), increasing the growth rate from 2.5% to 7.4%, further surpassing the previous forecast of record-high profits for four consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 3.7% from the same period last year to 5.75 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 20 yen to 21 yen (compared to 16 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 21.3% from the same period last year, reaching 3.61 billion yen. The operating profit margin improved from 9.5% in the same period last year to 12.2%.

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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	50,092	7,116	7,796	5,595	64.1	78.3	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	57,725	5,612	6,220	4,396	50.4	51.0	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	66,942	7,691	7,344	5,425	62.7	56.1	Nov 8, 2024	J-GAAP
YoY	+16.0%	+37.0%	+18.1%	+23.4%	+24.3%

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	62,500	6,200	6,200	4,400	50.8	10	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	66,942	7,691	7,344	5,425	62.7	11	Nov 8, 2024	J-GAAP
Revision Rate	+7.1%	+24.0%	+18.5%	+23.3%	+23.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	126,000	12,500	12,500	9,300	108.9	20	May 10, 2024	J-GAAP
Mar, 2025 New	134,000	13,100	13,100	10,000	117.0	21	Nov 8, 2024	J-GAAP
Revision Rate	+6.3%	+4.8%	+4.8%	+7.5%	+7.5%

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	58,717	5,999	5,975	4,463	51.6	9	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	67,058	5,409	5,756	4,575	53.6	10	Nov 8, 2024	J-GAAP
YoY	+14.2%	-9.8%	-3.7%	+2.5%	+3.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	107,019	10,063	9,961	7,331	84.1	13	May 11, 2023	J-GAAP
Mar, 2024	116,442	11,611	12,195	8,859	102.5	16	May 10, 2024	J-GAAP
Mar, 2025 Guidance	134,000	13,100	13,100	10,000	117.0	21	Nov 8, 2024	J-GAAP
YoY	+15.1%	+12.8%	+7.4%	+12.9%	+14.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	29,733	2,838	2,975	1,972	22.6	9.5	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	27,447	2,592	2,363	1,883	21.8	9.4	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	31,270	3,407	3,612	2,580	29.8	10.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	31,067	3,319	3,734	2,797	32.3	10.7	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	35,875	4,372	3,610	2,628	30.4	12.2	Nov 8, 2024	J-GAAP
YoY	+20.7%	+54.1%	+21.3%	+33.3%	+34.2%