PIETRO Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 27%

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Wed Nov 13, 2024 3:30 pm JST Earnings

2818 PIETRO Co., Ltd. 【J-GAAP】

Earnings Report

PIETRO Co., Ltd. <2818> [TSE-S] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 49.7% from the same period last year to 94 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 26.9%, from the previous forecast of 294 million yen to 215 million yen (compared to 201 million yen in the previous period), leading to a reduction in the profit growth rate from 46.3% to 7.0%.

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 surge by 8.6 times that of the same period last year, reaching 121 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 49 million yen, a 62.3% decrease compared to the same period last year. The operating profit margin drastically worsened from 5.1% in the same period last year to 1.9%.

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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	4,572	-36	-30	-81	-13.1	ー	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	5,037	186	187	74	12.3	93.0	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	5,484	97	94	46	6.8	43.7	Nov 13, 2024	J-GAAP
YoY	+8.9%	-47.8%	-49.7%	-37.8%	-44.8%

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	－	0	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	5,484	97	94	46	6.8	0	Nov 13, 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	10,944	400	294	123	17.8	24	May 15, 2024	J-GAAP
Mar, 2025 New	11,000	230	215	99	14.3	24	Nov 13, 2024	J-GAAP
Revision Rate	+0.5%	-42.5%	-26.9%	-19.5%	-19.5%

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	5,059	32	14	35	5.6	24	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	5,516	133	121	53	7.7	24	Nov 13, 2024	J-GAAP
YoY	+9.0%	+315.6%	+764.3%	+51.4%	+37.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	9,108	-75	-81	-399	-66.0	24	May 12, 2023	J-GAAP
Mar, 2024	10,096	218	201	109	17.4	24	May 15, 2024	J-GAAP
Mar, 2025 Guidance	11,000	230	215	99	14.3	24	Nov 13, 2024	J-GAAP
YoY	+9.0%	+5.5%	+7.0%	-9.2%	-17.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,570	131	130	72	12.0	5.1	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	2,569	23	5	27	4.4	0.9	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	2,490	9	9	8	1.3	0.4	May 15, 2024	J-GAAP
Apr - Jun, 2024	2,680	44	45	14	2.2	1.6	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,804	53	49	32	4.7	1.9	Nov 13, 2024	J-GAAP
YoY	+9.1%	-59.5%	-62.3%	-55.6%	-60.6%