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TSURUMI MANUFACTURING CO.,LTD., First Half Ordinary Profit Decreases by 46%, July-September Ordinary Profit Turns to Loss

Mon Nov 11, 2024 2:00 pm JST Earnings

6351 TSURUMI MANUFACTURING CO.,LTD. 【J-GAAP】

Earnings Report

TSURUMI MANUFACTURING CO.,LTD. <6351> [TSE-P] announced its financial results in the afternoon session on November 11th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 46.5% from the same period last year to 3.71 billion yen. The progress rate against the 9.5 billion yen full-year plan was 39.1%, also falling below the five-year average of 45.9%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 1.6% from the same period last year, reaching 5.78 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 82 million yen (compared to a profit of 3.16 billion yen in the same period last year). However, the operating profit margin rose from 15.0% in the same period last year to 16.7%.

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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 26,086 2,567 5,049 3,258 131.8 56.2 Nov 9, 2022 J-GAAP
Apr - Sep, 2023 29,719 4,103 6,949 4,822 196.6 55.0 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 28,899 4,416 3,719 4,235 172.4 39.1 Nov 11, 2024 J-GAAP
YoY -2.8% +7.6% -46.5% -12.2% -12.3%

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 28,899 4,416 3,719 4,235 172.7 24 Nov 8, 2024 J-GAAP
Apr - Sep, 2024 Results 28,899 4,416 3,719 4,235 172.4 24 Nov 11, 2024 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% -0.2%

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 32,910 4,838 5,689 3,466 141.2 28 May 13, 2024 J-GAAP
Oct - Mar, 2024 Guidance 36,101 3,584 5,781 2,365 97.4 28 Nov 8, 2024 J-GAAP
YoY +9.7% -25.9% +1.6% -31.8% -31.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 56,219 7,263 8,991 6,262 254.0 44 May 12, 2023 J-GAAP
Mar, 2024 62,629 8,941 12,638 8,288 337.6 50 May 13, 2024 J-GAAP
Mar, 2025 Guidance 65,000 8,000 9,500 6,600 271.7 52 Aug 8, 2024 J-GAAP
YoY +3.8% -10.5% -24.8% -20.4% -19.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 15,590 2,340 3,168 2,202 89.8 15.0 Nov 9, 2023 J-GAAP
Oct - Dec, 2023 14,125 2,190 1,516 938 38.2 15.5 Feb 9, 2024 J-GAAP
Jan - Mar, 2024 18,785 2,648 4,173 2,528 103.0 14.1 May 13, 2024 J-GAAP
Apr - Jun, 2024 15,115 2,114 3,801 2,518 102.4 14.0 Aug 8, 2024 J-GAAP
Jul - Sep, 2024 13,784 2,302 -82 1,717 69.9 16.7 Nov 11, 2024 J-GAAP
YoY -11.6% -1.6% -22.0% -22.2%

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