SAGAMI RUBBER INDUSTRIES CO.,LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 57%, Exceeds Full-Year Plan

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Thu Nov 14, 2024 3:00 pm JST Earnings

5194 SAGAMI RUBBER INDUSTRIES CO.,LTD. 【J-GAAP】

Earnings Report

SAGAMI RUBBER INDUSTRIES CO.,LTD. <5194> [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) expanded to 538 million yen, an increase of 56.9% compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 41.7% decrease.

The progress rate against the full-year plan of 400 million yen is 134.5%, already exceeding the target and also exceeding the five-year average of 60.9%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a loss of 138 million yen (compared to a profit of 46 million yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 8.9% from the same period last year, reaching 270 million yen. However, the operating profit/loss margin drastically worsened from 6.5% in the same period last year to -4.1%.

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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	2,831	404	981	789	72.7	93.0	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	3,193	278	343	145	13.4	88.2	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	3,024	38	538	390	35.9	134.5	Nov 14, 2024	J-GAAP
YoY	-5.3%	-86.3%	+56.9%	+169.0%	+168.3%

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	3,150	250	200	120	11.1	－	May 17, 2024	J-GAAP
Apr - Sep, 2024 Results	3,024	38	538	390	35.9	－	Nov 14, 2024	J-GAAP
Revision Rate	-4.0%	-84.8%	+169.0%	+225.0%	+225.2%

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	2,919	158	46	-105	-9.9	10	May 17, 2024	J-GAAP
Oct - Mar, 2024 Guidance	3,276	462	-138	-150	-13.8	10	Nov 14, 2024	J-GAAP
YoY	+12.2%	+192.4%	－	-42.9%	-39.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	5,984	661	1,055	673	62.0	10	May 19, 2023	J-GAAP
Mar, 2024	6,112	436	389	40	3.8	10	May 17, 2024	J-GAAP
Mar, 2025 Guidance	6,300	500	400	240	22.1	10	May 17, 2024	J-GAAP
YoY	+3.1%	+14.7%	+2.8%	+500.0%	+486.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,545	100	248	149	13.8	6.5	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	1,626	101	175	90	8.3	6.2	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	1,293	57	-129	-195	-18.4	4.4	May 17, 2024	J-GAAP
Apr - Jun, 2024	1,458	102	268	175	16.2	7.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	1,566	-64	270	215	19.8	-4.1	Nov 14, 2024	J-GAAP
YoY	+1.4%	－	+8.9%	+44.3%	+44.0%