FULUHASHI EPO CORPORATION, First Half Ordinary Profit Revised Downward to an Unexpected 3%Decrease

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Wed Nov 13, 2024 3:30 pm JST Earnings

9221 FULUHASHI EPO CORPORATION 【J-GAAP】

Earnings Report

FULUHASHI EPO CORPORATION <9221> [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) decreased by 3.5% from the same period last year to 662 million yen, resulting in a decrease in profits compared to the previous forecast of a 7.9% increase.

The progress rate against the 1.42 billion yen full-year plan was 46.6%, also falling below the same period of the previous year of 55.1%.

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 expand by 35.4% from the same period last year, reaching 758 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 228 million yen, a 16.8% decrease compared to the same period last year. The operating profit margin decreased from 11.8% in the same period last year to 10.0%.

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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	3,950	381	420	300	30.8	40.0	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	4,208	491	686	482	41.1	55.1	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	4,478	444	662	444	37.8	46.6	Nov 13, 2024	J-GAAP
YoY	+6.4%	-9.6%	-3.5%	-7.9%	-8.0%

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	4,645	519	740	514	43.7	14	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	4,478	444	662	444	37.8	14	Nov 13, 2024	J-GAAP
Revision Rate	-3.6%	-14.5%	-10.5%	-13.6%	-13.4%

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	4,545	548	560	-219	-18.7	13	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	5,066	736	758	541	45.9	14	Nov 13, 2024	J-GAAP
YoY	+11.5%	+34.3%	+35.4%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	8,076	839	1,049	743	75.0	25	May 15, 2023	J-GAAP
Mar, 2024	8,753	1,039	1,246	263	22.4	26	May 14, 2024	J-GAAP
Mar, 2025 Guidance	9,544	1,180	1,420	985	83.7	28	May 14, 2024	J-GAAP
YoY	+9.0%	+13.6%	+14.0%	+274.5%	+273.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,135	252	274	193	16.5	11.8	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	2,302	357	363	235	20.0	15.5	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	2,243	191	197	-454	-38.7	8.5	May 14, 2024	J-GAAP
Apr - Jun, 2024	2,224	218	434	281	23.9	9.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,254	226	228	163	13.9	10.0	Nov 13, 2024	J-GAAP
YoY	+5.6%	-10.3%	-16.8%	-15.5%	-15.7%