SAWAFUJI ELECTRIC CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 72% Decrease, Dividend Revised down by 2 yen

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Fri Nov 8, 2024 4:00 pm JST Earnings

6901 SAWAFUJI ELECTRIC CO.,LTD. 【J-GAAP】

Earnings Report

SAWAFUJI ELECTRIC CO.,LTD. <6901> [TSE-S] announced its financial results after the market closed on November 8th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 71.6% from the same period last year to 164 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 75.8%, from the previous forecast of 910 million yen to 220 million yen (compared to 789 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 72.1% decrease in profit.

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 significant drop by 73.6% from the same period last year to 56 million yen.

Due to a decline in performance, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 34 yen to 32 yen (compared to 32 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 109 million yen (compared to a profit of 233 million yen in the same period last year). The operating profit/loss margin drastically worsened from 3.6% in the same period last year to -0.9%.

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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	13,353	147	331	184	42.8	70.0	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	13,021	479	577	374	86.8	73.1	Nov 3, 2023	J-GAAP
Apr - Sep, 2024	11,590	44	164	64	15.0	74.5	Nov 8, 2024	J-GAAP
YoY	-11.0%	-90.8%	-71.6%	-82.9%	-82.7%

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	－	17	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	11,590	44	164	64	15.0	16	Nov 8, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	26,500	710	910	630	146.0	34	May 10, 2024	J-GAAP
Mar, 2025 New	23,500	50	220	110	25.5	32	Nov 8, 2024	J-GAAP
Revision Rate	-11.3%	-93.0%	-75.8%	-82.5%	-82.5%

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	13,721	84	212	143	33.2	32	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	11,910	6	56	46	10.7	16	Nov 8, 2024	J-GAAP
YoY	-13.2%	-92.9%	-73.6%	-67.8%	-67.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	29,340	238	473	285	66.2	28	May 12, 2023	J-GAAP
Mar, 2024	26,742	563	789	517	120.0	32	May 10, 2024	J-GAAP
Mar, 2025 Guidance	23,500	50	220	110	25.5	32	Nov 8, 2024	J-GAAP
YoY	-12.1%	-91.1%	-72.1%	-78.7%	-78.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	6,560	238	233	162	37.6	3.6	Nov 3, 2023	J-GAAP
Oct - Dec, 2023	6,966	25	138	95	22.0	0.4	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	6,755	59	74	48	11.1	0.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	5,949	92	273	143	33.3	1.5	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	5,641	-48	-109	-79	-18.5	-0.9	Nov 8, 2024	J-GAAP
YoY	-14.0%	－	－	－	－