NIRECO CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward by 9%, Dividend Revised Upward by 7 yen

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Wed Nov 13, 2024 4:00 pm JST Earnings

6863 NIRECO CORPORATION 【J-GAAP】

Earnings Report

NIRECO CORPORATION <6863> [TSE-S] announced its financial results after the market closed on November 13th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 845 million yen, an increase of 43.5% compared to the same period last year, exceeded the previous forecast of 680 million yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 8.9%, from the previous forecast of 1.35 billion yen to 1.47 billion yen (compared to 1.47 billion yen in the previous period), and the declining rate is expected to decrease from 8.2% to 0.000%.

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 29.1% from the same period last year to 625 million yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 57 yen to 64 yen (compared to 62 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 31.4% from the same period last year, reaching 486 million yen. The operating profit margin jumped from 14.6% in the same period last year to 19.3%.

Kabutan News

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	4,004	364	410	268	36.7	32.7	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	4,531	536	589	370	50.4	40.1	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	4,908	788	845	550	74.5	57.5	Nov 13, 2024	J-GAAP
YoY	+8.3%	+47.0%	+43.5%	+48.6%	+47.8%

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	5,000	620	680	470	63.6	24	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	4,908	788	845	550	74.5	24	Nov 13, 2024	J-GAAP
Revision Rate	-1.8%	+27.1%	+24.3%	+17.0%	+17.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	10,000	1,280	1,350	935	126.1	57	Aug 9, 2024	J-GAAP
Mar, 2025 New	10,000	1,400	1,470	1,050	141.7	64	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	+9.4%	+8.9%	+12.3%	+12.3%

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	5,330	850	881	641	87.1	42	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	5,092	612	625	500	67.5	40	Nov 13, 2024	J-GAAP
YoY	-4.5%	-28.0%	-29.1%	-22.0%	-22.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	9,155	1,182	1,255	860	117.4	47	May 12, 2023	J-GAAP
Mar, 2024	9,861	1,386	1,470	1,011	137.4	62	May 14, 2024	J-GAAP
Mar, 2025 Guidance	10,000	1,400	1,470	1,050	141.7	64	Nov 13, 2024	J-GAAP
YoY	+1.4%	+1.0%	0.0%	+3.9%	+3.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,443	357	370	248	33.8	14.6	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	2,510	499	528	405	55.1	19.9	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	2,820	351	353	236	32.1	12.4	May 14, 2024	J-GAAP
Apr - Jun, 2024	2,389	301	359	206	28.0	12.6	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,519	487	486	344	46.6	19.3	Nov 13, 2024	J-GAAP
YoY	+3.1%	+36.4%	+31.4%	+38.7%	+37.9%