IWAKI CO., LTD., First Half Ordinary Profit Decreases by 5%, July-September Ordinary Profit Decreases by 13%

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Thu Nov 14, 2024 4:00 pm JST Earnings

6237 IWAKI CO., LTD. 【J-GAAP】

Earnings Report

IWAKI CO., LTD. <6237> [TSE-P] 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) decreased by 5.1% from the same period last year to 3.1 billion yen. However, The progress rate against the 5.82 billion yen full-year plan was 53.3%, almost the same as the five-year average of 50.5%.

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 decrease by 7.9% from the same period last year to 2.71 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.43 billion yen, a 12.6% decrease compared to the same period last year. The operating profit margin decreased from 13.3% in the same period last year to 11.8%.

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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	17,810	1,185	2,205	2,987	136.2	58.9	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	22,436	2,805	3,270	2,188	99.5	52.6	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	22,540	2,771	3,102	2,173	98.4	53.3	Nov 14, 2024	J-GAAP
YoY	+0.5%	-1.2%	-5.1%	-0.7%	-1.1%

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	23,269	2,371	2,594	1,767	79.9	25	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	22,540	2,771	3,102	2,173	98.4	25	Nov 14, 2024	J-GAAP
Revision Rate	-3.1%	+16.9%	+19.6%	+23.0%	+23.1%

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	22,103	2,660	2,952	2,271	103.0	41	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	25,035	2,596	2,719	2,020	91.3	33	Nov 14, 2024	J-GAAP
YoY	+13.3%	-2.4%	-7.9%	-11.1%	-11.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	37,730	2,254	3,745	4,257	193.9	61	May 12, 2023	J-GAAP
Mar, 2024	44,539	5,465	6,222	4,459	202.3	62	May 13, 2024	J-GAAP
Mar, 2025 Guidance	47,575	5,367	5,821	4,193	189.6	58	May 13, 2024	J-GAAP
YoY	+6.8%	-1.8%	-6.4%	-6.0%	-6.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	11,329	1,509	1,643	1,080	49.1	13.3	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	11,247	1,720	1,854	1,430	64.9	15.3	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	10,856	940	1,098	841	38.2	8.7	May 13, 2024	J-GAAP
Apr - Jun, 2024	11,220	1,431	1,666	1,089	49.3	12.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	11,320	1,340	1,436	1,084	49.1	11.8	Nov 14, 2024	J-GAAP
YoY	-0.1%	-11.2%	-12.6%	+0.4%	0.0%