Odakyu Electric Railway Co.,Ltd, The Current Fiscal Year Ordinary Profit Revised Upward by 14%

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Wed Nov 13, 2024 3:30 pm JST Earnings

9007 Odakyu Electric Railway Co.,Ltd 【J-GAAP】

Earnings Report

Odakyu Electric Railway Co.,Ltd <9007> [TSE-P] 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) increased by 10.1% from the same period last year, reaching 29.7 billion yen, resulting in an increase in profits compared to the previous forecast of a 8.3% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 13.9%, from the previous forecast of 41 billion yen to 46.7 billion yen (compared to 50.6 billion yen in the previous period), and the declining rate is expected to decrease from 19.1% to 7.8%.

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 decrease by 28.4% from the same period last year to 16.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 11.3 billion yen, a 2.5% decrease compared to the same period last year. The operating profit margin decreased from 12.5% in the same period last year to 12.2%.

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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	189,984	14,512	14,736	10,086	27.8	58.7	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	196,254	26,601	27,041	26,124	71.9	53.4	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	209,744	29,037	29,770	32,980	92.3	63.7	Nov 13, 2024	J-GAAP
YoY	+6.9%	+9.2%	+10.1%	+26.2%	+28.4%

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	208,800	24,000	24,800	29,000	82.0	15	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	209,744	29,037	29,770	32,980	92.3	15	Nov 13, 2024	J-GAAP
Revision Rate	+0.5%	+21.0%	+20.0%	+13.7%	+12.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	424,000	42,000	41,000	38,000	110.1	30	May 14, 2024	J-GAAP
Mar, 2025 New	424,000	48,000	46,700	42,400	122.8	30	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	+14.3%	+13.9%	+11.6%	+11.6%

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	213,583	24,165	23,629	55,400	153.1	19	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	214,256	18,963	16,930	9,420	27.3	15	Nov 13, 2024	J-GAAP
YoY	+0.3%	-21.5%	-28.4%	-83.0%	-82.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	395,159	26,601	25,119	40,736	112.1	21	Apr 28, 2023	J-GAAP
Mar, 2024	409,837	50,766	50,670	81,524	225.3	30	May 14, 2024	J-GAAP
Mar, 2025 Guidance	424,000	48,000	46,700	42,400	122.8	30	Nov 13, 2024	J-GAAP
YoY	+3.5%	-5.4%	-7.8%	-48.0%	-45.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	95,727	11,981	11,649	15,269	42.0	12.5	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	97,379	13,822	13,537	4,986	13.7	14.2	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	116,204	10,343	10,092	50,414	139.3	8.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	109,596	16,798	18,407	25,124	70.2	15.3	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	100,148	12,239	11,363	7,856	22.0	12.2	Nov 13, 2024	J-GAAP
YoY	+4.6%	+2.2%	-2.5%	-48.5%	-47.6%