Citizen Watch Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 4%

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Mon Nov 11, 2024 3:30 pm JST Earnings

7762 Citizen Watch Co., Ltd. 【J-GAAP】

Earnings Report

Citizen Watch Co., Ltd. <7762> [TSE-P] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 29.6% from the same period last year to 12.2 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 3.9%, from the previous forecast of 25.5 billion yen to 24.5 billion yen (compared to 30.8 billion yen in the previous period), leading to an increase in the profit decline rate from 17.2% to 20.5%.

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 8.7% from the same period last year to 12.2 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 4.91 billion yen, a 47.8% decrease compared to the same period last year. The operating profit margin worsened from 10.0% in the same period last year to 9.5%.

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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	147,695	12,354	16,801	12,645	43.2	57.7	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	152,924	13,542	17,417	13,388	54.3	56.5	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	156,516	12,328	12,266	12,279	50.4	50.1	Nov 11, 2024	J-GAAP
YoY	+2.3%	-9.0%	-29.6%	-8.3%	-7.2%

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	151,000	11,000	12,200	12,500	51.3	22.50	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	156,516	12,328	12,266	12,279	50.4	22.50	Nov 11, 2024	J-GAAP
Revision Rate	+3.7%	+12.1%	+0.5%	-1.8%	-1.8%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	310,000	23,000	25,500	22,000	90.2	45	May 13, 2024	J-GAAP
Mar, 2025 New	313,500	23,000	24,500	22,000	90.2	45	Nov 11, 2024	J-GAAP
Revision Rate	+1.1%	0.0%	-3.9%	0.0%	0.0%

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	159,906	11,526	13,393	9,570	39.0	20	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	156,984	10,672	12,234	9,721	39.9	22.50	Nov 11, 2024	J-GAAP
YoY	-1.8%	-7.4%	-8.7%	+1.6%	+2.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	301,366	23,708	29,096	21,836	75.3	34	May 12, 2023	J-GAAP
Mar, 2024	312,830	25,068	30,810	22,958	93.6	40	May 13, 2024	J-GAAP
Mar, 2025 Guidance	313,500	23,000	24,500	22,000	90.2	45	Nov 11, 2024	J-GAAP
YoY	+0.2%	-8.2%	-20.5%	-4.2%	-3.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	80,229	8,005	9,416	7,108	28.8	10.0	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	85,970	9,874	10,061	7,302	29.7	11.5	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	73,936	1,652	3,332	2,268	9.3	2.2	May 13, 2024	J-GAAP
Apr - Jun, 2024	75,888	4,684	7,347	8,543	35.0	6.2	Aug 13, 2024	J-GAAP
Jul - Sep, 2024	80,628	7,644	4,919	3,736	15.3	9.5	Nov 11, 2024	J-GAAP
YoY	+0.5%	-4.5%	-47.8%	-47.4%	-46.8%