HORIBA, Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 8%, Dividend Revised down by 20 yen

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Wed Nov 13, 2024 3:30 pm JST Earnings

6856 HORIBA, Ltd. 【J-GAAP】

Earnings Report

HORIBA, Ltd. <6856> [TSE-P] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) increased by 7.0% from the same period last year, reaching 31.1 billion yen.

However, the full-year consolidated ordinary profit has downwardly by 8.0%, from the previous forecast of 52.7 billion yen to 48.5 billion yen (compared to 48.2 billion yen in the previous period), leading to a reduction in the profit growth rate from 9.2% to 0.5%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 12.6%, from the previous forecast of 33.4 billion yen to 29.2 billion yen (compared to 30.1 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 3.0% decrease in profit.

Due to a decline in performance, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 265 yen to 245 yen (compared to 290 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit grew by 8.0% from the same period last year, reaching 11.8 billion yen. The operating profit margin rose from 15.3% in the same period last year to 15.4%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	185,121	28,571	29,508	20,702	490.4	63.0	Nov 11, 2022	J-GAAP
Jan - Sep, 2023	200,679	28,499	29,089	26,972	638.3	60.3	Nov 13, 2023	J-GAAP
Jan - Sep, 2024	215,879	29,904	31,111	19,915	473.7	64.1	Nov 13, 2024	J-GAAP
YoY	+7.6%	+4.9%	+7.0%	-26.2%	-25.8%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	178,280	33,385	33,434	23,852	568.6	185	Aug 8, 2024	J-GAAP
Jul - Dec, 2024 New	175,280	28,885	29,234	19,852	473.2	165	Nov 13, 2024	J-GAAP
Revision Rate	-1.7%	-13.5%	-12.6%	-16.8%	-16.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	321,000	52,000	52,700	37,000	882.0	265	Feb 14, 2024	J-GAAP
Dec, 2024 New	318,000	47,500	48,500	33,000	786.6	245	Nov 13, 2024	J-GAAP
Revision Rate	-0.9%	-8.7%	-8.0%	-10.8%	-10.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	159,453	29,458	30,127	21,296	504.0	210	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	175,280	28,885	29,234	19,852	473.2	165	Nov 13, 2024	J-GAAP
YoY	+9.9%	-1.9%	-3.0%	-6.8%	-6.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	270,133	45,843	46,860	34,072	807.1	245	Feb 14, 2023	J-GAAP
Dec, 2023	290,558	47,296	48,251	40,302	953.7	290	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	318,000	47,500	48,500	33,000	786.6	245	Nov 13, 2024	J-GAAP
YoY	+9.4%	+0.4%	+0.5%	-18.1%	-17.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	69,574	10,661	10,965	7,966	188.5	15.3	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	89,879	18,797	19,162	13,330	315.4	20.9	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	70,252	10,009	10,165	7,029	166.6	14.2	May 14, 2024	J-GAAP
Apr - Jun, 2024	72,468	8,606	9,101	6,119	145.4	11.9	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	73,159	11,289	11,845	6,767	161.0	15.4	Nov 13, 2024	J-GAAP
YoY	+5.2%	+5.9%	+8.0%	-15.1%	-14.6%