NIKKEN KOGAKU CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 30% Decrease

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Wed Nov 13, 2024 11:30 am JST Earnings

9767 NIKKEN KOGAKU CO., LTD. 【J-GAAP】

Earnings Report

NIKKEN KOGAKU CO., LTD. <9767> [TSE-S] announced its financial results at noon (11:30) on November 13th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 20.2% from the same period last year to 91 million yen, resulting in a decrease in profits compared to the previous forecast of a 5.3% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 33.3%, from the previous forecast of 420 million yen to 280 million yen (compared to 398 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 29.6% decrease in profit.

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 drop by 33.5% from the same period last year to 189 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 14.0% from the same period last year, reaching 98 million yen. The operating profit margin improved from 4.6% in the same period last year to 7.0%.

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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	2,705	42	69	34	18.7	16.8	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	2,796	60	114	81	44.8	28.6	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	2,275	71	91	56	30.8	32.5	Nov 13, 2024	J-GAAP
YoY	-18.6%	+18.3%	-20.2%	-30.9%	-31.3%

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	2,800	80	120	90	49.4	0	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	2,275	71	91	56	30.8	0	Nov 13, 2024	J-GAAP
Revision Rate	-18.8%	-11.3%	-24.2%	-37.8%	-37.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	6,300	350	420	310	170.1	30	May 15, 2024	J-GAAP
Mar, 2025 New	5,600	240	280	210	115.2	30	Nov 13, 2024	J-GAAP
Revision Rate	-11.1%	-31.4%	-33.3%	-32.3%	-32.3%

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	3,396	233	284	203	111.6	30	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	3,325	169	189	154	84.5	30	Nov 13, 2024	J-GAAP
YoY	-2.1%	-27.5%	-33.5%	-24.1%	-24.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,249	349	411	280	153.9	30	May 15, 2023	J-GAAP
Mar, 2024	6,192	293	398	284	156.1	30	May 15, 2024	J-GAAP
Mar, 2025 Guidance	5,600	240	280	210	115.2	30	Nov 13, 2024	J-GAAP
YoY	-9.6%	-18.1%	-29.6%	-26.1%	-26.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,399	64	86	70	38.8	4.6	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	1,616	138	147	99	54.5	8.5	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	1,780	95	137	104	57.2	5.3	May 15, 2024	J-GAAP
Apr - Jun, 2024	1,059	-14	-7	-12	-7.1	-1.3	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	1,216	85	98	68	37.4	7.0	Nov 13, 2024	J-GAAP
YoY	-13.1%	+32.8%	+14.0%	-2.9%	-3.5%