Forside Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 41% Decrease

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Wed Nov 13, 2024 3:40 pm JST Earnings

2330 Forside Co.,Ltd. 【J-GAAP】

Earnings Report

Forside Co.,Ltd. <2330> [TSE-S] announced its financial results after the market closed on November 13th (15:40). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) significantly dropped by 86.0% from the same period last year to 7 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 79.7%, from the previous forecast of 128 million yen to 26 million yen (compared to 44 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 40.9% decrease in profit.

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 54.3%, from the previous forecast of 188 million yen to 86 million yen (compared to a loss of 5 million yen in the same period of the previous year).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit surged to 67 times that of the same period last year, reaching 67 million yen. The operating profit margin significantly improved from 0.2% in the same period last year to 5.0%.

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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	3,631	-79	-75	-85	-2.6	ー	Nov 11, 2022	J-GAAP
Jan - Sep, 2023	3,570	56	50	48	1.5	113.6	Nov 13, 2023	J-GAAP
Jan - Sep, 2024	3,659	5	7	-25	-0.7	26.9	Nov 13, 2024	J-GAAP
YoY	+2.5%	-91.1%	-86.0%	－	－

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	2,892	171	188	175	4.1	－	Aug 14, 2024	J-GAAP
Jul - Dec, 2024 New	2,883	96	86	119	2.8	－	Nov 13, 2024	J-GAAP
Revision Rate	-0.3%	-43.9%	-54.3%	-32.0%	-32.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	5,088	103	128	100	2.3	－	Feb 13, 2024	J-GAAP
Dec, 2024 New	5,079	28	26	44	1.0	－	Nov 13, 2024	J-GAAP
Revision Rate	-0.2%	-72.8%	-79.7%	-56.0%	-56.0%

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	2,512	-1	-5	58	1.7	0	Feb 13, 2024	J-GAAP
Jul - Dec, 2024 Guidance	2,883	96	86	119	2.8	－	Nov 13, 2024	J-GAAP
YoY	+14.8%	－	－	+105.2%	+64.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	4,988	-75	-74	-107	-3.3	0	Feb 13, 2023	J-GAAP
Dec, 2023	4,817	52	44	113	3.3	0	Feb 13, 2024	J-GAAP
Dec, 2024 Guidance	5,079	28	26	44	1.0	－	Nov 13, 2024	J-GAAP
YoY	+5.4%	-46.2%	-40.9%	-61.1%	-68.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,265	3	1	-7	-0.2	0.2	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	1,247	-4	-6	65	1.9	-0.3	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	989	-28	-24	-38	-1.0	-2.8	May 14, 2024	J-GAAP
Apr - Jun, 2024	1,207	-40	-36	-37	-1.0	-3.3	Aug 14, 2024	J-GAAP
Jul - Sep, 2024	1,463	73	67	50	1.3	5.0	Nov 13, 2024	J-GAAP
YoY	+15.7%	+2,333.3%	+6,600.0%	－	－