Seibu Electric & Machinery Co., Ltd., First Half Ordinary Profit Decreases by 39%, July-September Ordinary Profit Decreases by 18%

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Thu Nov 14, 2024 3:00 pm JST Earnings

6144 Seibu Electric & Machinery Co., Ltd. 【J-GAAP】

Earnings Report

Seibu Electric & Machinery Co., Ltd. <6144> [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) dropped by 38.9% from the same period last year to 684 million yen. The progress rate against the 3.07 billion yen full-year plan was 22.3%, also falling below the five-year average of 32.2%.

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 expand by 35.8% from the same period last year, reaching 2.38 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 597 million yen, a 18.1% decrease compared to the same period last year. The operating profit margin worsened from 9.1% in the same period last year to 7.7%.

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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	11,565	556	607	420	27.9	24.0	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	14,475	1,093	1,119	756	50.1	38.9	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	14,296	649	684	452	30.0	22.3	Nov 14, 2024	J-GAAP
YoY	-1.2%	-40.6%	-38.9%	-40.2%	-40.2%

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	14,100	710	770	510	33.8	42	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	14,296	649	684	452	30.0	42	Nov 14, 2024	J-GAAP
Revision Rate	+1.4%	-8.6%	-11.2%	-11.4%	-11.3%

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	17,470	1,689	1,757	1,221	80.9	20	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	18,954	2,301	2,386	1,628	107.8	42	Nov 14, 2024	J-GAAP
YoY	+8.5%	+36.2%	+35.8%	+33.3%	+33.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	28,478	2,411	2,530	1,806	119.7	40	May 15, 2023	J-GAAP
Mar, 2024	31,945	2,782	2,876	1,977	131.0	40	May 15, 2024	J-GAAP
Mar, 2025 Guidance	33,250	2,950	3,070	2,080	137.7	84	May 15, 2024	J-GAAP
YoY	+4.1%	+6.0%	+6.7%	+5.2%	+5.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	8,270	751	729	499	33.1	9.1	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	8,494	927	978	642	42.6	10.9	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	8,976	762	779	579	38.4	8.5	May 15, 2024	J-GAAP
Apr - Jun, 2024	6,509	46	87	66	4.4	0.7	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	7,787	603	597	386	25.6	7.7	Nov 14, 2024	J-GAAP
YoY	-5.8%	-19.7%	-18.1%	-22.6%	-22.7%