SEIKA CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward by 12%, Exceeded record profit forecast, Dividend Revised Upward by 30 yen

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Tue Nov 12, 2024 2:00 pm JST Earnings

8061 SEIKA CORPORATION 【J-GAAP】

Earnings Report

SEIKA CORPORATION <8061> [TSE-P] announced its financial results in the afternoon session on November 12th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 4.26 billion yen, an increase of 90.2% compared to the same period last year, exceeded the previous forecast of 3.7 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 12.1%, from the previous forecast of 6.6 billion yen to 7.4 billion yen (compared to 6.25 billion yen in the previous period), increasing the growth rate from 5.5% to 18.3%. The company has further increased its previous forecast of record profits for the first time in two years.

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 21.9% from the same period last year to 3.13 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 180 yen to 210 yen (compared to 150 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 52.0% from the same period last year, reaching 1.89 billion yen. The operating profit margin improved from 5.3% in the same period last year to 6.7%.

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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	40,452	1,444	1,217	844	70.3	19.4	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	40,043	2,051	2,243	1,465	121.6	35.9	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	44,514	2,921	4,266	5,027	417.9	57.6	Nov 12, 2024	J-GAAP
YoY	+11.2%	+42.4%	+90.2%	+243.1%	+243.8%

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	44,500	2,500	3,700	4,600	382.2	90	Aug 8, 2024	J-GAAP
Apr - Sep, 2024 Results	44,514	2,921	4,266	5,027	417.9	90	Nov 12, 2024	J-GAAP
Revision Rate	+0.0%	+16.8%	+15.3%	+9.3%	+9.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	92,000	5,200	6,600	6,500	542.6	180	Aug 8, 2024	J-GAAP
Mar, 2025 New	93,000	5,700	7,400	7,100	592.7	210	Nov 12, 2024	J-GAAP
Revision Rate	+1.1%	+9.6%	+12.1%	+9.2%	+9.2%

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	46,742	3,529	4,012	3,024	250.9	90	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	48,486	2,779	3,134	2,073	173.1	120	Nov 12, 2024	J-GAAP
YoY	+3.7%	-21.3%	-21.9%	-31.4%	-31.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	93,311	4,636	6,286	5,001	415.8	90	May 12, 2023	J-GAAP
Mar, 2024	86,785	5,580	6,255	4,489	372.5	150	May 10, 2024	J-GAAP
Mar, 2025 Guidance	93,000	5,700	7,400	7,100	592.7	210	Nov 12, 2024	J-GAAP
YoY	+7.2%	+2.2%	+18.3%	+58.2%	+59.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	20,990	1,107	1,245	845	70.1	5.3	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	20,587	1,400	1,522	1,036	86.0	6.8	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	26,155	2,129	2,490	1,988	165.0	8.1	May 10, 2024	J-GAAP
Apr - Jun, 2024	20,487	1,318	2,374	3,754	311.5	6.4	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	24,027	1,603	1,892	1,273	105.8	6.7	Nov 12, 2024	J-GAAP
YoY	+14.5%	+44.8%	+52.0%	+50.7%	+50.9%