YAMAZEN CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 4% Decrease

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Thu Nov 14, 2024 2:00 pm JST Earnings

8051 YAMAZEN CORPORATION 【J-GAAP】

Earnings Report

YAMAZEN CORPORATION <8051> [TSE-P] announced its financial results in the afternoon session on November 14th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 34.1% from the same period last year to 3.49 billion yen, fell short of the previous forecast of 4.3 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 16.7%, from the previous forecast of 12 billion yen to 10 billion yen (compared to 10.4 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 4.2% decrease in profit.

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 grow by 26.7% from the same period last year, reaching 6.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.36 billion yen, a 10.9% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 1.9% in the same period last year to 2.0%.

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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	261,817	8,148	8,715	5,734	64.6	50.4	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	248,680	4,869	5,301	3,274	36.9	50.8	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	248,924	3,442	3,494	2,567	29.4	34.9	Nov 14, 2024	J-GAAP
YoY	+0.1%	-29.3%	-34.1%	-21.6%	-20.4%

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	255,000	4,300	4,300	2,800	32.8	20	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	248,924	3,442	3,494	2,567	29.4	20	Nov 14, 2024	J-GAAP
Revision Rate	-2.4%	-20.0%	-18.7%	-8.3%	-10.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	530,000	12,000	12,000	7,600	88.9	51	May 14, 2024	J-GAAP
Mar, 2025 New	510,000	10,000	10,000	7,600	88.9	51	Nov 14, 2024	J-GAAP
Revision Rate	-3.8%	-16.7%	-16.7%	0.0%	0.0%

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	258,186	5,018	5,134	3,214	36.2	30	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	261,076	6,558	6,506	5,033	58.9	31	Nov 14, 2024	J-GAAP
YoY	+1.1%	+30.7%	+26.7%	+56.6%	+62.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	527,263	16,563	17,280	12,527	141.0	40	May 12, 2023	J-GAAP
Mar, 2024	506,866	9,887	10,435	6,488	73.0	50	May 14, 2024	J-GAAP
Mar, 2025 Guidance	510,000	10,000	10,000	7,600	88.9	51	Nov 14, 2024	J-GAAP
YoY	+0.6%	+1.1%	-4.2%	+17.1%	+21.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	128,723	2,417	2,652	1,705	19.2	1.9	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	129,450	2,672	2,674	1,818	20.5	2.1	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	128,736	2,346	2,460	1,396	15.7	1.8	May 14, 2024	J-GAAP
Apr - Jun, 2024	118,577	870	1,132	642	7.2	0.7	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	130,347	2,572	2,362	1,925	22.0	2.0	Nov 14, 2024	J-GAAP
YoY	+1.3%	+6.4%	-10.9%	+12.9%	+14.7%