PULSTEC INDUSTRIAL CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 40%Decrease

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Wed Nov 13, 2024 3:30 pm JST Earnings

6894 PULSTEC INDUSTRIAL CO.,LTD. 【J-GAAP】

Earnings Report

PULSTEC INDUSTRIAL CO.,LTD. <6894> [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) dropped by 39.8% from the same period last year to 53 million yen, resulting in a decrease in profits compared to the previous forecast of a 21.6% increase.

The progress rate against the 312 million yen full-year plan was 17.0%, also falling below the five-year average of 31.7%.

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 13.1% from the same period last year to 259 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 48 million yen, a 52.9% decrease compared to the same period last year. The operating profit margin decreased from 14.0% in the same period last year to 12.5%.

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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	1,178	93	120	82	60.1	36.1	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	993	69	88	76	55.8	22.8	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	971	55	53	25	18.6	17.0	Nov 13, 2024	J-GAAP
YoY	-2.2%	-20.3%	-39.8%	-67.1%	-66.7%

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	1,000	100	107	86	62.9	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	971	55	53	25	18.6	0	Nov 13, 2024	J-GAAP
Revision Rate	-2.9%	-45.0%	-50.5%	-70.9%	-70.5%

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	1,619	289	298	251	183.4	110	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	1,379	245	259	200	146.2	60	Nov 13, 2024	J-GAAP
YoY	-14.8%	-15.2%	-13.1%	-20.3%	-20.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	2,448	301	332	242	177.5	70	May 12, 2023	J-GAAP
Mar, 2024	2,612	358	386	327	239.0	110	May 10, 2024	J-GAAP
Mar, 2025 Guidance	2,350	300	312	225	164.5	60	May 10, 2024	J-GAAP
YoY	-10.0%	-16.2%	-19.2%	-31.2%	-31.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	684	96	102	86	63.1	14.0	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	560	73	71	48	35.2	13.0	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	1,059	216	227	203	148.4	20.4	May 10, 2024	J-GAAP
Apr - Jun, 2024	437	-12	5	-2	-1.6	-2.7	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	534	67	48	27	20.0	12.5	Nov 13, 2024	J-GAAP
YoY	-21.9%	-30.2%	-52.9%	-68.6%	-68.3%