Kawai Musical Instruments Manufacturing Co.,Ltd., First Half Ordinary Profit Turns to Loss, July-September Ordinary Profit Decreases by 100%

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Tue Nov 12, 2024 3:30 pm JST Earnings

7952 Kawai Musical Instruments Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Kawai Musical Instruments Manufacturing Co.,Ltd. <7952> [TSE-P] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 226 million yen (compared to a profit of 2.41 billion yen in the same period last year).

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to drop by 31.2% from the same period last year to 1.22 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 1 million yen, a 99.9% decrease compared to the same period last year. The operating profit margin drastically worsened from 4.9% in the same period last year to 1.8%.

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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	42,024	2,436	2,861	1,769	205.9	50.7	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	40,405	1,812	2,419	1,537	178.9	57.6	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	36,156	-222	-226	-406	-47.2	ー	Nov 12, 2024	J-GAAP
YoY	-10.5%	－	－	－	－

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	－	－	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	36,156	-222	-226	-406	-47.2	0	Nov 12, 2024	J-GAAP
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	39,787	1,443	1,782	1,245	144.9	95	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	41,344	1,222	1,226	806	93.7	－	Nov 12, 2024	J-GAAP
YoY	+3.9%	-15.3%	-31.2%	-35.3%	-35.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	87,771	5,045	5,639	3,672	427.3	85	May 11, 2023	J-GAAP
Mar, 2024	80,192	3,255	4,201	2,782	323.7	95	May 15, 2024	J-GAAP
Mar, 2025 Guidance	77,500	1,000	1,000	400	46.5	－	May 15, 2024	J-GAAP
YoY	-3.4%	-69.3%	-76.2%	-85.6%	-85.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	20,999	1,034	1,212	760	88.5	4.9	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	19,529	958	948	580	67.5	4.9	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	20,258	485	834	665	77.4	2.4	May 15, 2024	J-GAAP
Apr - Jun, 2024	17,602	-555	-227	-283	-33.0	-3.2	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	18,554	333	1	-123	-14.3	1.8	Nov 12, 2024	J-GAAP
YoY	-11.6%	-67.8%	-99.9%	－	－