THK CO.,LTD., The Current Fiscal Year Net Income Revised Downward to an Unexpected 34% Decrease

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Tue Nov 12, 2024 3:30 pm JST Earnings

6481 THK CO.,LTD. 【IFRS】

Earnings Report

THK CO.,LTD. <6481> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 12th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 34.7% from the same period last year to 9.19 billion yen.

In addition, the full-year consolidated net income has downwardly by 41.8%, from the previous forecast of 20.8 billion yen to 12.1 billion yen (compared to 18.3 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 34.2% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the July to December period (second half) has downwardly by 64.0%, from the previous forecast of 13.5 billion yen to 4.88 billion yen (compared to 6.35 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 23.1% decrease in profit.

In the most recent three-month period, from July to September (3Q), the consolidated net income amounted to 1.97 billion yen, a 2.7% decrease compared to the same period last year. However, the operating profit margin improved from 3.3% in the same period last year to 5.3%.

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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	287,536	34,229	35,072	23,314	189.8	98.5	Nov 7, 2022	IFRS
Jan - Sep, 2023	268,119	19,199	20,201	14,074	114.8	79.9	Nov 10, 2023	IFRS
Jan - Sep, 2024	265,130	12,919	13,694	9,190	75.0	74.4	Nov 12, 2024	IFRS
YoY	-1.1%	-32.7%	-32.2%	-34.7%	-34.7%

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	185,149	18,601	18,720	13,587	110.8	－	Aug 7, 2024	IFRS
Jul - Dec, 2024 New	170,149	8,601	8,320	4,887	39.9	－	Nov 12, 2024	IFRS
Revision Rate	-8.1%	-53.8%	-55.6%	-64.0%	-64.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	365,000	27,000	28,800	20,800	169.6	－	Feb 14, 2024	IFRS
Dec, 2024 New	350,000	17,000	18,400	12,100	98.7	－	Nov 12, 2024	IFRS
Revision Rate	-4.1%	-37.0%	-36.1%	-41.8%	-41.8%

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	166,346	7,236	8,143	6,356	51.9	16	Feb 14, 2024	IFRS
Jul - Dec, 2024 Guidance	170,149	8,601	8,320	4,887	39.9	－	Nov 12, 2024	IFRS
YoY	+2.3%	+18.9%	+2.2%	-23.1%	-23.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	393,687	34,460	35,596	21,198	172.7	87	Feb 13, 2023	IFRS
Dec, 2023	351,939	23,707	25,289	18,398	150.1	46	Feb 14, 2024	IFRS
Dec, 2024 Guidance	350,000	17,000	18,400	12,100	98.7	－	Nov 12, 2024	IFRS
YoY	-0.6%	-28.3%	-27.2%	-34.2%	-34.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	82,526	2,728	3,055	2,032	16.6	3.3	Nov 10, 2023	IFRS
Oct - Dec, 2023	83,820	4,508	5,088	4,324	35.3	5.4	Feb 14, 2024	IFRS
Jan - Mar, 2024	85,127	2,121	2,748	1,960	16.0	2.5	May 10, 2024	IFRS
Apr - Jun, 2024	94,724	6,278	7,332	5,253	42.8	6.6	Aug 7, 2024	IFRS
Jul - Sep, 2024	85,279	4,520	3,614	1,977	16.1	5.3	Nov 12, 2024	IFRS
YoY	+3.3%	+65.7%	+18.3%	-2.7%	-2.7%