ICHIKOH INDUSTRIES, LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 11%

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Wed Nov 13, 2024 4:55 pm JST Earnings

7244 ICHIKOH INDUSTRIES, LTD. 【J-GAAP】

Earnings Report

ICHIKOH INDUSTRIES, LTD. <7244> [TSE-P] announced its financial results after the market closed on November 13th (16:55). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 35.1% from the same period last year to 3.36 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 10.5%, from the previous forecast of 5.7 billion yen to 5.1 billion yen (compared to 8.13 billion yen in the previous period), leading to an increase in the profit decline rate from 29.9% to 37.3%.

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 17.8%, from the previous forecast of 3.37 billion yen to 2.77 billion yen (compared to 4.34 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 22.5% to 36.3%.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 1.03 billion yen, a 26.3% decrease compared to the same period last year. The operating profit margin worsened from 3.4% in the same period last year to 1.4%.

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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	98,457	2,543	3,258	2,214	23.0	60.9	Nov 14, 2022	J-GAAP
Jan - Sep, 2023	110,239	4,965	5,187	5,479	57.0	63.8	Nov 13, 2023	J-GAAP
Jan - Sep, 2024	92,068	2,165	3,364	2,538	26.4	66.0	Nov 13, 2024	J-GAAP
YoY	-16.5%	-56.4%	-35.1%	-53.7%	-53.7%

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	59,818	2,942	3,371	2,918	30.3	6.50	Aug 8, 2024	J-GAAP
Jul - Dec, 2024 New	59,818	1,842	2,771	2,418	25.1	6.50	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	-37.4%	-17.8%	-17.1%	-17.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	122,000	4,700	5,700	4,300	44.7	13	Aug 8, 2024	J-GAAP
Dec, 2024 New	122,000	3,600	5,100	3,800	39.5	13	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	-23.4%	-10.5%	-11.6%	-11.6%

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	70,127	3,645	4,347	5,317	55.3	5.50	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	59,818	1,842	2,771	2,418	25.1	6.50	Nov 13, 2024	J-GAAP
YoY	-14.7%	-49.5%	-36.3%	-54.5%	-54.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	135,451	3,937	5,351	4,423	46.0	9	Feb 13, 2023	J-GAAP
Dec, 2023	145,897	7,422	8,130	7,838	81.5	11	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	122,000	3,600	5,100	3,800	39.5	13	Nov 13, 2024	J-GAAP
YoY	-16.4%	-51.5%	-37.3%	-51.5%	-51.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	34,469	1,188	1,404	2,958	30.8	3.4	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	35,658	2,457	2,943	2,359	24.5	6.9	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	30,643	1,503	1,513	802	8.4	4.9	May 13, 2024	J-GAAP
Apr - Jun, 2024	31,539	255	816	580	6.0	0.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	29,886	407	1,035	1,156	12.0	1.4	Nov 13, 2024	J-GAAP
YoY	-13.3%	-65.7%	-26.3%	-60.9%	-60.9%