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OCEAN SYSTEM CORPORATION, First Half Ordinary Profit Unexpectedly Revised Upward by 1%

Thu Nov 14, 2024 3:00 pm JST Earnings

3096 OCEAN SYSTEM CORPORATION 【J-GAAP】

Earnings Report

OCEAN SYSTEM CORPORATION <3096> [TSE-S] announced its financial results in the afternoon session on November 14th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 1.06 billion yen, a 0.6% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 16.8% decrease.

The progress rate against the 1.78 billion yen full-year plan was 59.8%, also surpassing the five-year average of 50.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 25.7% from the same period last year to 716 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 440 million yen, a 2.0% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 2.0% in the same period last year to 1.9%.

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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 38,318 650 688 402 42.7 55.6 Nov 14, 2022 J-GAAP
Apr - Sep, 2023 41,727 1,017 1,058 774 82.3 52.3 Nov 14, 2023 J-GAAP
Apr - Sep, 2024 44,513 1,024 1,064 703 74.7 59.8 Nov 14, 2024 J-GAAP
YoY +6.7% +0.7% +0.6% -9.2% -9.2%

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 44,500 850 880 610 64.8 7 May 14, 2024 J-GAAP
Apr - Sep, 2024 Results 44,513 1,024 1,064 703 74.7 7 Nov 14, 2024 J-GAAP
Revision Rate +0.0% +20.5% +20.9% +15.2% +15.3%

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 44,172 902 964 563 59.8 12 May 14, 2024 J-GAAP
Oct - Mar, 2024 Guidance 46,087 676 716 487 51.7 7 Nov 14, 2024 J-GAAP
YoY +4.3% -25.1% -25.7% -13.5% -13.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 77,710 1,128 1,238 358 38.1 14 May 12, 2023 J-GAAP
Mar, 2024 85,899 1,919 2,022 1,337 142.1 19 May 14, 2024 J-GAAP
Mar, 2025 Guidance 90,600 1,700 1,780 1,190 126.4 14 May 14, 2024 J-GAAP
YoY +5.5% -11.4% -12.0% -11.0% -11.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 20,958 426 449 273 29.0 2.0 Nov 14, 2023 J-GAAP
Oct - Dec, 2023 22,977 731 759 501 53.2 3.2 Feb 14, 2024 J-GAAP
Jan - Mar, 2024 21,195 171 205 62 6.6 0.8 May 14, 2024 J-GAAP
Apr - Jun, 2024 22,367 607 624 430 45.7 2.7 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 22,146 417 440 273 29.0 1.9 Nov 14, 2024 J-GAAP
YoY +5.7% -2.1% -2.0% 0.0% 0.0%

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