NHK SPRING CO., LTD., The Current Fiscal Year Operating Profit Revised Upward by 4%, Exceeded record profit forecast

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Wed Nov 13, 2024 3:30 pm JST Earnings

5991 NHK SPRING CO., LTD. 【J-GAAP】

Earnings Report

NHK SPRING CO., LTD. <5991> [TSE-P] announced its financial results after the market closed on November 13th (15:30). The consolidated operating profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.9 times that of the same period last year, reaching 22.9 billion yen.

In addition, the full-year consolidated operating profit has been revised upward by 4.2%, from the previous forecast of 48 billion yen to 50 billion yen (compared to 34.6 billion yen in the previous period), increasing the growth rate from 38.5% to 44.3%. The company has further increased its previous forecast of record profits for the first time in eight years.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated operating profit for the October to March period (second half) is expected to grow by 1.3% from the same period last year, reaching 27 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated operating profit surged to 3.6 times that of the same period last year, reaching 10.7 billion yen. The operating profit margin significantly improved from 1.6% in the same period last year to 5.5%.

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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	332,612	17,282	27,987	19,871	87.2	75.0	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	362,195	7,951	18,751	14,351	63.4	39.2	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	391,230	22,949	26,972	21,545	99.8	49.0	Nov 13, 2024	J-GAAP
YoY	+8.0%	+188.6%	+43.8%	+50.1%	+57.5%

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	395,000	22,000	27,500	20,000	93.1	30	Aug 7, 2024	J-GAAP
Apr - Sep, 2024 Results	391,230	22,949	26,972	21,545	99.8	30	Nov 13, 2024	J-GAAP
Revision Rate	-1.0%	+4.3%	-1.9%	+7.7%	+7.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	800,000	48,000	55,000	45,000	219.2	63	Aug 7, 2024	J-GAAP
Mar, 2025 New	800,000	50,000	55,000	45,000	219.2	63	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	+4.2%	0.0%	0.0%	0.0%

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	404,739	26,701	29,063	24,837	109.8	25	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	408,770	27,051	28,028	23,455	114.2	33	Nov 13, 2024	J-GAAP
YoY	+1.0%	+1.3%	-3.6%	-5.6%	+4.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	693,246	28,838	37,317	21,537	94.5	32	May 15, 2023	J-GAAP
Mar, 2024	766,934	34,652	47,814	39,188	173.3	42	May 15, 2024	J-GAAP
Mar, 2025 Guidance	800,000	50,000	55,000	45,000	219.2	63	Nov 13, 2024	J-GAAP
YoY	+4.3%	+44.3%	+15.0%	+14.8%	+26.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	182,902	3,011	8,466	7,200	31.8	1.6	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	200,093	9,744	9,674	6,630	29.3	4.9	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	204,646	16,957	19,389	18,207	80.5	8.3	May 15, 2024	J-GAAP
Apr - Jun, 2024	193,783	12,164	19,206	15,058	69.4	6.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	197,447	10,785	7,766	6,487	30.0	5.5	Nov 13, 2024	J-GAAP
YoY	+8.0%	+258.2%	-8.3%	-9.9%	-5.5%