NIPPON SEIKI CO.,LTD., First Half Net Income Decreases by 55%

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Mon Nov 11, 2024 3:30 pm JST Earnings

7287 NIPPON SEIKI CO.,LTD. 【IFRS】

Earnings Report

NIPPON SEIKI CO.,LTD. <7287> [TSE-S] announced its financial results (based on IFRS) after the market closed on November 11th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 55.3% from the same period last year to 750 million yen. The progress rate against the 6.6 billion yen full-year plan was 11.4%, also falling below the same period of the previous year of 31.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 61.5% from the same period last year, reaching 5.85 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a profit of profit of 554 million yen (compared to a loss of 1.29 billion yen in the same period last year). However, the operating profit margin worsened from 3.3% in the same period last year to 1.7%.

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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	127,954	-250	1,313	-1,131	-18.8	20.6	Nov 7, 2022	IFRS
Apr - Sep, 2023	150,192	4,791	9,352	1,677	27.8	67.1	Nov 10, 2023	IFRS
Apr - Sep, 2024	152,447	3,445	2,368	750	12.7	ー	Nov 11, 2024	IFRS
YoY	+1.5%	-28.1%	-74.7%	-55.3%	-54.4%

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	－	25	May 15, 2024	IFRS
Apr - Sep, 2024 Results	152,447	3,445	2,368	750	12.7	25	Nov 11, 2024	IFRS
Revision Rate	－	－	－	－	－

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	162,163	3,693	4,577	3,623	60.2	25	May 15, 2024	IFRS
Oct - Mar, 2024 Guidance	157,553	5,855	ー	5,850	102.0	25	Nov 11, 2024	IFRS
YoY	-2.8%	+58.5%	－	+61.5%	+69.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	275,776	2,727	6,377	1,306	21.7	40	May 15, 2023	IFRS
Mar, 2024	312,355	8,484	13,929	5,300	88.0	45	May 15, 2024	IFRS
Mar, 2025 Guidance	310,000	9,300	ー	6,600	115.1	50	May 15, 2024	IFRS
YoY	-0.8%	+9.6%	－	+24.5%	+30.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	75,795	2,486	4,782	-1,294	-21.5	3.3	Nov 10, 2023	IFRS
Oct - Dec, 2023	79,454	1,848	2,305	2,644	43.8	2.3	Feb 9, 2024	IFRS
Jan - Mar, 2024	82,709	1,845	2,272	979	16.3	2.2	May 15, 2024	IFRS
Apr - Jun, 2024	76,383	2,181	1,608	196	3.3	2.9	Aug 8, 2024	IFRS
Jul - Sep, 2024	76,064	1,264	760	554	9.4	1.7	Nov 11, 2024	IFRS
YoY	+0.4%	-49.2%	-84.1%	－	－