Furubayashi Shiko Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 14%

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Fri Nov 8, 2024 4:00 pm JST Earnings

3944 Furubayashi Shiko Co.,Ltd. 【J-GAAP】

Earnings Report

Furubayashi Shiko Co.,Ltd. <3944> [TSE-S] announced its financial results after the market closed on November 8th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) significantly dropped by 67.6% from the same period last year to 199 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 14.3%, from the previous forecast of 350 million yen to 300 million yen (compared to 697 million yen in the previous period), leading to an increase in the profit decline rate from 49.8% to 57.0%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 27.2%, from the previous forecast of 184 million yen to 134 million yen (compared to 249 million yen in the same period of the previous year), leading to an increase in the profit decline rate from 26.1% to 46.2%.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit significantly dropped to 33 million yen, a 80.2% decrease compared to the same period last year. The operating profit margin drastically worsened from 3.7% in the same period last year to 0.1%.

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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	12,588	305	328	201	182.0	66.9	Nov 11, 2022	J-GAAP
Jan - Sep, 2023	13,569	602	615	394	356.2	88.2	Nov 10, 2023	J-GAAP
Jan - Sep, 2024	13,172	32	199	133	119.6	66.3	Nov 8, 2024	J-GAAP
YoY	-2.9%	-94.7%	-67.6%	-66.2%	-66.4%

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	9,547	221	184	105	94.4	25	Aug 9, 2024	J-GAAP
Jul - Dec, 2024 New	8,947	101	134	65	58.5	25	Nov 8, 2024	J-GAAP
Revision Rate	-6.3%	-54.3%	-27.2%	-38.1%	-38.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	18,400	250	350	220	197.8	50	Feb 9, 2024	J-GAAP
Dec, 2024 New	17,800	130	300	180	161.9	50	Nov 8, 2024	J-GAAP
Revision Rate	-3.3%	-48.0%	-14.3%	-18.2%	-18.2%

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	8,912	158	249	157	142.0	25	Feb 9, 2024	J-GAAP
Jul - Dec, 2024 Guidance	8,947	101	134	65	58.5	25	Nov 8, 2024	J-GAAP
YoY	+0.4%	-36.1%	-46.2%	-58.6%	-58.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	17,059	468	490	331	299.7	50	Feb 10, 2023	J-GAAP
Dec, 2023	17,911	590	697	439	397.0	50	Feb 9, 2024	J-GAAP
Dec, 2024 Guidance	17,800	130	300	180	161.9	50	Nov 8, 2024	J-GAAP
YoY	-0.6%	-78.0%	-57.0%	-59.0%	-59.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	4,570	170	167	112	101.3	3.7	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	4,342	-12	82	45	40.7	-0.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	4,040	-91	-29	-44	-39.8	-2.3	May 10, 2024	J-GAAP
Apr - Jun, 2024	4,813	120	195	159	142.6	2.5	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	4,319	3	33	18	16.2	0.1	Nov 8, 2024	J-GAAP
YoY	-5.5%	-98.2%	-80.2%	-83.9%	-84.0%