SEIWA ELECTRIC MFG. CO., LTD., January-September (Third Quarter Cumulative) Ordinary Profit Increases by 68%, July-September Ordinary Profit Increases by 70%

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Wed Nov 13, 2024 4:30 pm JST Earnings

6748 SEIWA ELECTRIC MFG. CO., LTD. 【J-GAAP】

Earnings Report

SEIWA ELECTRIC MFG. CO., LTD. <6748> [TSE-S] announced its financial results after the market closed on November 13th (16:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) expanded to 928 million yen, an increase of 67.8% compared to the same period last year. However, The progress rate against the 1.55 billion yen full-year plan was 59.9%, also falling below the three-year average of 73.8%.

Based on the third-quarter cumulative performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to December period (4Q) is expected to grow by 2.6% from the same period last year, reaching 622 million yen.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit increased by 70.0% from the same period last year, reaching 386 million yen. The operating profit margin improved from 4.1% in the same period last year to 5.3%.

Kabutan News

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	15,712	806	810	595	45.3	51.4	Nov 8, 2022	J-GAAP
Jan - Sep, 2023	16,232	471	553	402	30.6	47.7	Nov 13, 2023	J-GAAP
Jan - Sep, 2024	17,256	821	928	658	50.2	59.9	Nov 13, 2024	J-GAAP
YoY	+6.3%	+74.3%	+67.8%	+63.7%	+63.9%

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	13,025	797	833	586	44.6	18	Feb 13, 2024	J-GAAP
Jul - Dec, 2024 Guidance	14,497	991	1,008	698	53.4	18	Aug 9, 2024	J-GAAP
YoY	+11.3%	+24.3%	+21.0%	+19.1%	+19.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	23,429	1,543	1,575	1,101	83.8	15	Feb 13, 2023	J-GAAP
Dec, 2023	23,760	1,041	1,159	793	60.4	18	Feb 13, 2024	J-GAAP
Dec, 2024 Guidance	25,500	1,480	1,550	1,070	81.8	18	Feb 13, 2024	J-GAAP
YoY	+7.3%	+42.2%	+33.7%	+34.9%	+35.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,497	227	227	195	14.9	4.1	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	7,528	570	606	391	29.8	7.6	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	5,413	440	444	301	22.9	8.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	5,590	49	98	71	5.4	0.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	6,253	332	386	286	21.8	5.3	Nov 13, 2024	J-GAAP
YoY	+13.8%	+46.3%	+70.0%	+46.7%	+46.8%