NITTOKU CO., LTD., First Half Ordinary Profit Decreases by 97%, July-September Ordinary Profit Decreases by 68%

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Wed Nov 13, 2024 3:30 pm JST Earnings

6145 NITTOKU CO., LTD. 【J-GAAP】

Earnings Report

NITTOKU CO., LTD. <6145> [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) significantly dropped by 97.5% from the same period last year to 43 million yen. The progress rate against the 2.55 billion yen full-year plan was 1.7%, also falling below the five-year average of 45.4%.

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 decrease by 2.4% from the same period last year to 2.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 527 million yen, a 67.8% decrease compared to the same period last year. The operating profit margin sharply declined from 18.4% in the same period last year to 6.5%.

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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	15,553	1,327	1,407	930	51.5	45.1	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	13,162	1,662	1,711	1,103	61.1	40.0	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	14,244	39	43	341	18.9	1.7	Nov 13, 2024	J-GAAP
YoY	+8.2%	-97.7%	-97.5%	-69.1%	-69.1%

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	13,500	10	20	190	10.5	21	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	14,244	39	43	341	18.9	21	Nov 13, 2024	J-GAAP
Revision Rate	+5.5%	+290.0%	+115.0%	+79.5%	+79.8%

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	17,641	2,502	2,569	1,641	90.9	17	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	19,756	2,511	2,507	1,559	90.4	21	Nov 13, 2024	J-GAAP
YoY	+12.0%	+0.4%	-2.4%	-5.0%	-0.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	29,461	3,096	3,119	2,224	123.1	30	May 12, 2023	J-GAAP
Mar, 2024	30,803	4,164	4,280	2,744	151.9	34	May 10, 2024	J-GAAP
Mar, 2025 Guidance	34,000	2,550	2,550	1,900	110.1	42	Aug 9, 2024	J-GAAP
YoY	+10.4%	-38.8%	-40.4%	-30.8%	-27.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	8,967	1,653	1,639	1,086	60.1	18.4	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	6,176	329	404	246	13.6	5.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	11,465	2,173	2,165	1,395	77.2	19.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	4,319	-611	-484	-345	-19.2	-14.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	9,925	650	527	686	38.0	6.5	Nov 13, 2024	J-GAAP
YoY	+10.7%	-60.7%	-67.8%	-36.8%	-36.8%