Nishi-Nippon Railroad Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 5% Increase

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Thu Nov 14, 2024 4:00 pm JST Earnings

9031 Nishi-Nippon Railroad Co.,Ltd. 【J-GAAP】

Earnings Report

Nishi-Nippon Railroad Co.,Ltd. <9031> [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) increased by 25.1% from the same period last year, reaching 13.2 billion yen, resulting in an increase in profits compared to the previous forecast of a 11.0% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 14.7%, from the previous forecast of 22.5 billion yen to 25.8 billion yen (compared to 24.5 billion yen in the previous period), turning to a 5.1% increase in the consolidated ordinary profit outlook.

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 decrease by 9.9% from the same period last year to 12.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 2.0 times that of the same period last year, reaching 7.38 billion yen. The operating profit margin improved from 5.3% in the same period last year to 6.3%.

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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	253,515	11,527	13,169	8,782	111.5	47.2	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	197,156	10,777	10,564	10,968	139.2	43.1	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	208,118	12,671	13,211	9,254	118.2	51.2	Nov 14, 2024	J-GAAP
YoY	+5.6%	+17.6%	+25.1%	-15.6%	-15.1%

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	210,400	10,400	9,400	6,200	79.7	17.50	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	208,118	12,671	13,211	9,254	118.2	17.50	Nov 14, 2024	J-GAAP
Revision Rate	-1.1%	+21.8%	+40.5%	+49.3%	+48.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	451,100	24,100	22,500	15,700	202.7	35	May 10, 2024	J-GAAP
Mar, 2025 New	445,100	26,000	25,800	18,100	233.7	35	Nov 14, 2024	J-GAAP
Revision Rate	-1.3%	+7.9%	+14.7%	+15.3%	+15.3%

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	214,493	15,100	13,974	13,755	174.7	22.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	236,982	13,329	12,589	8,846	114.2	17.50	Nov 14, 2024	J-GAAP
YoY	+10.5%	-11.7%	-9.9%	-35.7%	-34.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	494,643	26,150	27,901	18,368	233.1	35	May 11, 2023	J-GAAP
Mar, 2024	411,649	25,877	24,538	24,723	314.0	40	May 10, 2024	J-GAAP
Mar, 2025 Guidance	445,100	26,000	25,800	18,100	233.7	35	Nov 14, 2024	J-GAAP
YoY	+8.1%	+0.5%	+5.1%	-26.8%	-25.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	100,340	5,366	3,614	1,578	20.0	5.3	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	106,593	7,543	8,059	5,681	72.1	7.1	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	107,900	7,557	5,915	8,074	102.6	7.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	101,634	5,919	5,823	3,697	47.0	5.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	106,484	6,752	7,388	5,557	71.0	6.3	Nov 14, 2024	J-GAAP
YoY	+6.1%	+25.8%	+104.4%	+252.2%	+254.4%