JAPAN INSULATION CO.,LTD., First Half Ordinary Profit Decreases by 44%

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Wed Nov 13, 2024 3:00 pm JST Earnings

5368 JAPAN INSULATION CO.,LTD. 【J-GAAP】

Earnings Report

JAPAN INSULATION CO.,LTD. <5368> [TSE-S] announced its financial results in the afternoon session on November 13th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 43.8% from the same period last year to 406 million yen, fell short of the previous forecast of 534 million yen.

The progress rate against the 1.13 billion yen full-year plan was 35.7%, also falling below the five-year average of 45.1%.

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 nearly flat at 732 million yen, down 0.8% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 201 million yen, a 56.4% decrease compared to the same period last year. The operating profit margin significantly dropped from 13.9% in the same period last year to 7.2%.

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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	5,833	508	497	319	36.9	43.5	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	6,179	725	722	471	54.5	49.5	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	5,674	389	406	317	36.7	35.7	Nov 13, 2024	J-GAAP
YoY	-8.2%	-46.3%	-43.8%	-32.7%	-32.6%

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	5,878	556	534	394	45.7	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	5,674	389	406	317	36.7	0	Nov 13, 2024	J-GAAP
Revision Rate	-3.5%	-30.0%	-24.0%	-19.5%	-19.6%

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	6,358	733	738	504	58.3	40	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	6,873	797	732	450	52.0	37	Nov 13, 2024	J-GAAP
YoY	+8.1%	+8.7%	-0.8%	-10.7%	-10.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	12,320	1,145	1,142	723	83.7	37	May 12, 2023	J-GAAP
Mar, 2024	12,537	1,458	1,460	975	112.7	40	May 13, 2024	J-GAAP
Mar, 2025 Guidance	12,547	1,186	1,138	767	88.6	37	May 13, 2024	J-GAAP
YoY	+0.1%	-18.7%	-22.1%	-21.3%	-21.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,211	446	461	305	35.3	13.9	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	3,057	344	360	251	29.1	11.3	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	3,301	389	378	253	29.3	11.8	May 13, 2024	J-GAAP
Apr - Jun, 2024	2,809	182	205	132	15.3	6.5	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,865	207	201	185	21.4	7.2	Nov 13, 2024	J-GAAP
YoY	-10.8%	-53.6%	-56.4%	-39.3%	-39.2%