Namura Shipbuilding Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 20% Increase, Highest in Eleven Terms, Dividend Revised Upward by 5 yen

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Tue Nov 12, 2024 3:30 pm JST Earnings

7014 Namura Shipbuilding Co.,Ltd. 【J-GAAP】

Earnings Report

Namura Shipbuilding Co.,Ltd. <7014> [TSE-S] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 14.5 billion yen, an increase of 61.0% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 33.3%, from the previous forecast of 18 billion yen to 24 billion yen (compared to 20 billion yen in the previous period), reaches new record high for the first time in eleven terms, turning to a 20.0% increase in the consolidated ordinary profit outlook.

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 14.0% from the same period last year to 9.41 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 30 yen to 35 yen (compared to 20 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 28.3% from the same period last year, reaching 4.79 billion yen. The operating profit margin jumped from 12.0% in the same period last year to 16.8%.

Kabutan News

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	66,403	9,323	11,659	11,438	165.5	102.6	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	60,619	6,569	9,058	7,591	109.5	45.3	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	78,281	15,087	14,583	14,286	206.0	60.8	Nov 12, 2024	J-GAAP
YoY	+29.1%	+129.7%	+61.0%	+88.2%	+88.0%

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	－	15	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	78,281	15,087	14,583	14,286	206.0	20	Nov 12, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	148,000	18,000	18,000	15,000	216.2	30	May 14, 2024	J-GAAP
Mar, 2025 New	155,000	24,000	24,000	22,000	317.1	35	Nov 12, 2024	J-GAAP
Revision Rate	+4.7%	+33.3%	+33.3%	+46.7%	+46.7%

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	74,387	9,924	10,949	12,363	178.4	15	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	76,719	8,913	9,417	7,714	111.2	15	Nov 12, 2024	J-GAAP
YoY	+3.1%	-10.2%	-14.0%	-37.6%	-37.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	124,080	9,595	11,369	11,194	161.9	5	May 11, 2023	J-GAAP
Mar, 2024	135,006	16,493	20,007	19,954	287.9	20	May 14, 2024	J-GAAP
Mar, 2025 Guidance	155,000	24,000	24,000	22,000	317.1	35	Nov 12, 2024	J-GAAP
YoY	+14.8%	+45.5%	+20.0%	+10.3%	+10.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	30,806	3,695	3,734	3,176	45.8	12.0	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	36,336	5,118	4,622	3,921	56.6	14.1	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	38,051	4,806	6,327	8,442	121.8	12.6	May 14, 2024	J-GAAP
Apr - Jun, 2024	39,760	8,614	9,792	9,694	139.8	21.7	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	38,521	6,473	4,791	4,592	66.2	16.8	Nov 12, 2024	J-GAAP
YoY	+25.0%	+75.2%	+28.3%	+44.6%	+44.5%