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Tensho Electric Industries Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 24% Decrease

Thu Nov 14, 2024 4:00 pm JST Earnings

6776 Tensho Electric Industries Co., Ltd. 【J-GAAP】

Earnings Report

Tensho Electric Industries Co., Ltd. <6776> [TSE-S] announced its financial results after the market closed on November 14th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 57.4% from the same period last year to 309 million yen, fell short of the previous forecast of 550 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 28.6%, from the previous forecast of 1.4 billion yen to 1 billion yen (compared to 1.32 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 24.4% decrease in profit.

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 grow by 15.9% from the same period last year, reaching 691 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 50 million yen, a 86.8% decrease compared to the same period last year. The operating profit margin worsened from 4.6% in the same period last year to 2.0%.

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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 10,896 266 445 329 19.4 59.2 Nov 14, 2022 J-GAAP
Apr - Sep, 2023 12,842 502 726 566 33.3 54.9 Nov 13, 2023 J-GAAP
Apr - Sep, 2024 13,667 291 309 174 10.3 30.9 Nov 14, 2024 J-GAAP
YoY +6.4% -42.0% -57.4% -69.3% -69.2%

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 14,200 550 550 350 20.6 0 May 15, 2024 J-GAAP
Apr - Sep, 2024 Results 13,667 291 309 174 10.3 0 Nov 14, 2024 J-GAAP
Revision Rate -3.8% -47.1% -43.8% -50.3% -50.2%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 30,000 1,400 1,400 900 52.9 5 Aug 9, 2024 J-GAAP
Mar, 2025 New 28,500 1,000 1,000 600 35.3 5 Nov 14, 2024 J-GAAP
Revision Rate -5.0% -28.6% -28.6% -33.3% -33.3%

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 14,063 560 596 382 22.5 5 May 15, 2024 J-GAAP
Oct - Mar, 2024 Guidance 14,833 709 691 426 25.0 5 Nov 14, 2024 J-GAAP
YoY +5.5% +26.6% +15.9% +11.5% +11.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 23,899 604 752 612 36.0 3 May 15, 2023 J-GAAP
Mar, 2024 26,905 1,062 1,322 948 55.8 5 May 15, 2024 J-GAAP
Mar, 2025 Guidance 28,500 1,000 1,000 600 35.3 5 Nov 14, 2024 J-GAAP
YoY +5.9% -5.8% -24.4% -36.7% -36.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 6,503 297 379 331 19.5 4.6 Nov 13, 2023 J-GAAP
Oct - Dec, 2023 7,431 390 351 230 13.5 5.2 Feb 13, 2024 J-GAAP
Jan - Mar, 2024 6,632 170 245 152 8.9 2.6 May 15, 2024 J-GAAP
Apr - Jun, 2024 6,443 150 259 162 9.6 2.3 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 7,224 141 50 12 0.7 2.0 Nov 14, 2024 J-GAAP
YoY +11.1% -52.5% -86.8% -96.4% -96.4%

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