Iceco Inc., First Half Ordinary Profit Decreases by 5%, Exceeds Full-Year Plan

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Wed Nov 13, 2024 3:30 pm JST Earnings

7698 Iceco Inc. 【J-GAAP】

Earnings Report

Iceco Inc. <7698> [TSE-S] announced its financial results after the market closed on November 13th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 4.6% from the same period last year to 587 million yen. The progress rate against the full-year plan of 550 million yen is 106.7%, but was lower than the the five-year average of 145.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary loss for the October to March period (second half) is expected to further decrease to loss of 37 million yen (compared to a loss of 118 million yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the ordinary profit decreased to 327 million yen, a 12.6% decrease compared to the same period last year. The operating profit margin worsened from 2.5% in the same period last year to 2.0%.

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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	23,708	304	331	213	56.0	184.9	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	26,664	584	615	397	103.1	123.7	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	29,120	551	587	382	98.2	106.7	Nov 13, 2024	J-GAAP
YoY	+9.2%	-5.7%	-4.6%	-3.8%	-4.7%

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	－	9.50	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	29,120	551	587	382	98.2	9.50	Nov 13, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	23,834	-132	-118	-79	-20.5	9.50	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	24,880	-51	-37	-27	-6.9	9.50	Nov 13, 2024	J-GAAP
YoY	+4.4%	+61.4%	+68.6%	+65.8%	+66.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	44,886	117	179	144	37.7	18.50	May 12, 2023	J-GAAP
Mar, 2024	50,498	452	497	318	82.3	19	May 13, 2024	J-GAAP
Mar, 2025 Guidance	54,000	500	550	355	90.9	19	May 13, 2024	J-GAAP
YoY	+6.9%	+10.6%	+10.7%	+11.6%	+10.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	14,460	356	374	241	62.6	2.5	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	12,248	-60	-48	-31	-8.0	-0.5	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	11,586	-72	-70	-48	-12.4	-0.6	May 13, 2024	J-GAAP
Apr - Jun, 2024	13,648	241	260	169	43.7	1.8	Aug 13, 2024	J-GAAP
Jul - Sep, 2024	15,472	310	327	213	54.8	2.0	Nov 13, 2024	J-GAAP
YoY	+7.0%	-12.9%	-12.6%	-11.6%	-12.5%