STI Foods Holdings,Inc., The Current Fiscal Year Ordinary Profit Revised Upward by 7%, Adds to Record High Profit Forecast, Dividend Revised Upward by 10 yen

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Thu Nov 14, 2024 3:30 pm JST Earnings

2932 STI Foods Holdings,Inc. 【J-GAAP】

Earnings Report

STI Foods Holdings,Inc. <2932> [TSE-S] announced its financial results after the market closed on November 14th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) expanded to 2.37 billion yen, an increase of 34.9% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 7.1%, from the previous forecast of 2.8 billion yen to 3 billion yen (compared to 2.33 billion yen in the previous period), increasing the growth rate from 20.2% to 28.8%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) is expected to increase by 15.3%, from the previous forecast of 1.3 billion yen to 1.5 billion yen (compared to 1.25 billion yen in the same period of the previous year), increasing the growth rate from 3.9% to 19.8%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 110 yen to 120 yen (compared to 90 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit grew by 28.2% from the same period last year, reaching 883 million yen. The operating profit margin improved from 7.9% in the same period last year to 9.0%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	19,991	1,124	1,112	720	41.7	72.8	Nov 9, 2022	J-GAAP
Jan - Sep, 2023	23,458	1,717	1,763	1,196	67.3	75.7	Nov 2, 2023	J-GAAP
Jan - Sep, 2024	26,346	2,360	2,378	1,586	89.2	79.3	Nov 14, 2024	J-GAAP
YoY	+12.3%	+37.4%	+34.9%	+32.6%	+32.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	18,306	1,309	1,305	790	44.4	23.34	Aug 8, 2024	J-GAAP
Jul - Dec, 2024 New	18,306	1,509	1,505	940	52.9	26.67	Nov 14, 2024	J-GAAP
Revision Rate	0.0%	+15.3%	+15.3%	+19.0%	+19.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	35,000	2,800	2,800	1,800	101.3	36.67	Aug 8, 2024	J-GAAP
Dec, 2024 New	35,000	3,000	3,000	1,950	109.7	40	Nov 14, 2024	J-GAAP
Revision Rate	0.0%	+7.1%	+7.1%	+8.3%	+8.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	16,949	1,271	1,256	875	49.3	30	Feb 9, 2024	J-GAAP
Jul - Dec, 2024 Guidance	18,306	1,509	1,505	940	52.9	26.67	Nov 14, 2024	J-GAAP
YoY	+8.0%	+18.7%	+19.8%	+7.4%	+7.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	27,567	1,488	1,528	1,006	58.1	18.33	Feb 14, 2023	J-GAAP
Dec, 2023	31,784	2,306	2,330	1,562	87.9	30	Feb 9, 2024	J-GAAP
Dec, 2024 Guidance	35,000	3,000	3,000	1,950	109.7	40	Nov 14, 2024	J-GAAP
YoY	+10.1%	+30.1%	+28.8%	+24.8%	+24.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	8,623	682	689	509	28.7	7.9	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	8,326	589	567	366	20.6	7.1	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	8,037	731	714	489	27.5	9.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	8,657	760	781	521	29.3	8.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	9,652	869	883	576	32.4	9.0	Nov 14, 2024	J-GAAP
YoY	+11.9%	+27.4%	+28.2%	+13.2%	+13.1%