Toyo Seikan Group Holdings, Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 11%

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Fri Nov 8, 2024 4:00 pm JST Earnings

5901 Toyo Seikan Group Holdings, Ltd. 【J-GAAP】

Earnings Report

Toyo Seikan Group Holdings, Ltd. <5901> [TSE-P] 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) decreased by 7.9% from the same period last year to 19 billion yen, resulting in a decrease in profits compared to the previous forecast of a 11.4% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 10.8%, from the previous forecast of 37 billion yen to 33 billion yen (compared to 38.7 billion yen in the previous period), leading to an increase in the profit decline rate from 4.5% to 14.8%.

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 22.7% from the same period last year to 13.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 2.53 billion yen, a 71.2% decrease compared to the same period last year. The operating profit margin worsened from 3.1% in the same period last year to 2.1%.

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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	450,817	7,075	15,900	12,470	68.7	115.5	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	471,961	14,916	20,642	14,821	82.0	53.3	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	464,325	18,312	19,011	12,319	71.7	57.6	Nov 8, 2024	J-GAAP
YoY	-1.6%	+22.8%	-7.9%	-16.9%	-12.5%

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	465,000	20,000	23,000	16,500	97.3	45	Aug 2, 2024	J-GAAP
Apr - Sep, 2024 Results	464,325	18,312	19,011	12,319	71.7	45	Nov 8, 2024	J-GAAP
Revision Rate	-0.1%	-8.4%	-17.3%	-25.3%	-26.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	920,000	33,000	37,000	27,500	167.1	91	Aug 2, 2024	J-GAAP
Mar, 2025 New	920,000	30,000	33,000	24,000	145.8	91	Nov 8, 2024	J-GAAP
Revision Rate	0.0%	-9.1%	-10.8%	-12.7%	-12.7%

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	478,702	18,934	18,098	8,262	46.6	45	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	455,675	11,688	13,989	11,681	71.0	46	Nov 8, 2024	J-GAAP
YoY	-4.8%	-38.3%	-22.7%	+41.4%	+52.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	906,025	7,396	13,770	10,363	57.1	89	May 12, 2023	J-GAAP
Mar, 2024	950,663	33,850	38,740	23,083	130.2	90	May 14, 2024	J-GAAP
Mar, 2025 Guidance	920,000	30,000	33,000	24,000	145.8	91	Nov 8, 2024	J-GAAP
YoY	-3.2%	-11.4%	-14.8%	+4.0%	+12.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	236,612	7,384	8,784	6,367	35.2	3.1	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	241,750	12,143	11,274	9,390	52.6	5.0	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	236,952	6,791	6,824	-1,128	-6.4	2.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	229,867	13,466	16,480	11,321	65.2	5.9	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	234,458	4,846	2,531	998	5.8	2.1	Nov 8, 2024	J-GAAP
YoY	-0.9%	-34.4%	-71.2%	-84.3%	-83.5%