Hokuetsu Corporation, The Current Fiscal Year Ordinary Profit Revised Upward by 11%

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Thu Nov 14, 2024 3:00 pm JST Earnings

3865 Hokuetsu Corporation 【J-GAAP】

Earnings Report

Hokuetsu Corporation <3865> [TSE-P] 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 34.4% from the same period last year to 9.04 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 10.5%, from the previous forecast of 19 billion yen to 21 billion yen (compared to 17.7 billion yen in the previous period), increasing the growth rate from 6.9% to 18.2%.

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 surge by 3.0 times that of the same period last year, reaching 11.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 5.1 billion yen, an increase of 2.3% compared to the same period last year. The operating profit margin improved from 6.6% in the same period last year to 7.9%.

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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	136,187	3,997	4,828	1,959	11.7	42.1	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	150,174	12,094	13,772	9,403	55.9	77.5	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	149,358	9,004	9,040	6,281	37.4	43.0	Nov 14, 2024	J-GAAP
YoY	-0.5%	-25.5%	-34.4%	-33.2%	-33.2%

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	150,000	8,000	8,000	6,000	35.7	11	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	149,358	9,004	9,040	6,281	37.4	11	Nov 14, 2024	J-GAAP
Revision Rate	-0.4%	+12.6%	+13.0%	+4.7%	+4.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	310,000	17,000	19,000	14,000	83.2	22	May 15, 2024	J-GAAP
Mar, 2025 New	310,000	20,000	21,000	16,000	95.1	22	Nov 14, 2024	J-GAAP
Revision Rate	0.0%	+17.6%	+10.5%	+14.3%	+14.3%

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	146,882	3,173	3,994	-1,007	-6.0	9	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	160,642	10,996	11,960	9,719	57.8	11	Nov 14, 2024	J-GAAP
YoY	+9.4%	+246.5%	+199.4%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	301,204	17,288	11,471	8,325	49.5	18	May 12, 2023	J-GAAP
Mar, 2024	297,056	15,267	17,766	8,396	49.9	18	May 15, 2024	J-GAAP
Mar, 2025 Guidance	310,000	20,000	21,000	16,000	95.1	22	Nov 14, 2024	J-GAAP
YoY	+4.4%	+31.0%	+18.2%	+90.6%	+90.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	74,901	4,926	4,985	3,080	18.3	6.6	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	75,150	-1,206	-888	-2,116	-12.6	-1.6	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	71,732	4,379	4,882	1,109	6.6	6.1	May 15, 2024	J-GAAP
Apr - Jun, 2024	74,242	3,055	3,939	2,363	14.1	4.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	75,116	5,949	5,101	3,918	23.3	7.9	Nov 14, 2024	J-GAAP
YoY	+0.3%	+20.8%	+2.3%	+27.2%	+27.2%