Nishimoto Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 44% Decrease, Second Half Dividend Postponed

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Mon Nov 11, 2024 5:00 pm JST Earnings

9260 Nishimoto Co.,Ltd. 【J-GAAP】

Earnings Report

Nishimoto Co.,Ltd. <9260> [TSE-P] announced its financial results after the market closed on November 11th (17:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 44.1% from the same period last year to 5.55 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 44.0%, from the previous forecast of 12.5 billion yen to 7 billion yen (compared to 12.4 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 43.8% decrease in profit.

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 67.4%, from the previous forecast of 8.16 billion yen to 2.66 billion yen (compared to 6 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 55.6% decrease in profit.

At the same time, In conjunction with a Tender Offer Bid (TOB), the company has decided to forgo the the second half of 36.66 yen for the current fiscal year.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit significantly dropped to 1.21 billion yen, a 65.1% decrease compared to the same period last year. The operating profit margin worsened from 4.0% in the same period last year to 1.8%.

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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	202,316	8,317	8,672	5,679	131.9	80.4	Nov 14, 2022	J-GAAP
Jan - Sep, 2023	223,598	8,811	9,941	6,693	155.4	79.8	Nov 13, 2023	J-GAAP
Jan - Sep, 2024	247,529	5,435	5,555	2,861	66.9	79.4	Nov 11, 2024	J-GAAP
YoY	+10.7%	-38.3%	-44.1%	-57.3%	-57.0%

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	187,305	8,060	8,163	5,595	130.9	36.66	Aug 13, 2024	J-GAAP
Jul - Dec, 2024 New	167,305	3,060	2,663	1,595	37.3	0	Nov 11, 2024	J-GAAP
Revision Rate	-10.7%	-62.0%	-67.4%	-71.5%	-71.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	354,000	12,000	12,500	8,000	187.1	56.66	May 15, 2024	J-GAAP
Dec, 2024 New	334,000	7,000	7,000	4,000	93.5	20	Nov 11, 2024	J-GAAP
Revision Rate	-5.6%	-41.7%	-44.0%	-50.0%	-50.0%

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	154,566	5,283	6,003	1,890	43.9	26.66	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	167,305	3,060	2,663	1,595	37.3	0	Nov 11, 2024	J-GAAP
YoY	+8.2%	-42.1%	-55.6%	-15.6%	-15.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	275,209	10,498	10,787	6,819	158.4	48.33	Feb 14, 2023	J-GAAP
Dec, 2023	300,847	11,020	12,456	6,268	145.6	53.33	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	334,000	7,000	7,000	4,000	93.5	20	Nov 11, 2024	J-GAAP
YoY	+11.0%	-36.5%	-43.8%	-36.2%	-35.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	77,317	3,074	3,488	2,315	53.8	4.0	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	77,249	2,209	2,515	-425	-9.9	2.9	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	80,203	1,407	1,562	925	21.6	1.8	May 15, 2024	J-GAAP
Apr - Jun, 2024	86,492	2,533	2,775	1,480	34.6	2.9	Aug 13, 2024	J-GAAP
Jul - Sep, 2024	80,834	1,495	1,218	456	10.7	1.8	Nov 11, 2024	J-GAAP
YoY	+4.5%	-51.4%	-65.1%	-80.3%	-80.2%