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NITTO DENKO, The Current Fiscal Year Net Income Revised Upward by 4%, Exceeded Record Profit Forecast

Mon Jan 27, 2025 4:00 pm JST Earnings

6988 NITTO DENKO CORPORATION 【IFRS】

Earnings Report

NITTO DENKO CORPORATION <6988> [TSE Prime] announced its financial results (based on IFRS) after the market closed on January 27th (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 108 billion yen, an increase 33.2% compared to the same period last year.

In addition, the full-year consolidated net income has been revised upward 3.8%, from the previous forecast of 130 billion yen to 135 billion yen (compared to 102 billion yen in the previous period), increasing the growth rate from 26.6% to 31.5%. The company has further increased its previous forecast of record profits for the first time in two years.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (2H) has been revised upward 10.0%, from the previous forecast of 50 billion yen to 55 billion yen (compared to 58.4 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 14.4% to 5.9%.

In the most recent three-month period, from October to December (3Q), the consolidated net income decreased to 28.7 billion yen, a 23.2% decrease compared to the same period last year. The operating profit margin decreased from 19.6% in the same period last year to 17.0%.

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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
Apr - Dec, 2022 738,979 137,718 137,397 95,766 129.4 93.6 Jan 26, 2023 IFRS
Apr - Dec, 2023 693,900 112,329 112,025 81,600 114.2 80.7 Jan 26, 2024 IFRS
Apr - Dec, 2024 778,285 152,935 152,845 108,689 154.8 82.6 Jan 27, 2025 IFRS
YoY +12.2% +36.1% +36.4% +33.2% +35.6%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Prev 460,277 70,733 71,068 50,025 71.6 28 Oct 28, 2024 IFRS
Oct - Mar, 2024 New 483,277 75,733 76,068 55,025 78.7 28 Jan 27, 2025 IFRS
Revision Rate +5.0% +7.1% +7.0% +10.0% +10.0%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 982,000 180,000 180,000 130,000 186.0 56 Jul 26, 2024 IFRS
Mar, 2025 New 1,005,000 185,000 185,000 135,000 193.1 56 Jan 27, 2025 IFRS
Revision Rate +2.3% +2.8% +2.8% +3.8% +3.8%

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 465,795 74,660 74,661 58,463 81.9 26 Apr 26, 2024 IFRS
Oct - Mar, 2024 Guidance 483,277 75,733 76,068 55,025 78.7 28 Jan 27, 2025 IFRS
YoY +3.8% +1.4% +1.9% -5.9% -3.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 929,036 147,173 146,840 109,173 147.8 48 Apr 26, 2023 IFRS
Mar, 2024 915,139 139,132 138,901 102,679 143.9 52 Apr 26, 2024 IFRS
Mar, 2025 Guidance 1,005,000 185,000 185,000 135,000 193.1 56 Jan 27, 2025 IFRS
YoY +9.8% +33.0% +33.2% +31.5% +34.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2023 244,556 47,857 47,785 37,384 52.3 19.6 Jan 26, 2024 IFRS
Jan - Mar, 2024 221,239 26,803 26,876 21,079 29.5 12.1 Apr 26, 2024 IFRS
Apr - Jun, 2024 249,310 50,696 50,599 36,128 51.5 20.3 Jul 26, 2024 IFRS
Jul - Sep, 2024 272,413 58,571 58,333 43,847 62.5 21.5 Oct 28, 2024 IFRS
Oct - Dec, 2024 256,562 43,668 43,913 28,714 40.9 17.0 Jan 27, 2025 IFRS
YoY +4.9% -8.8% -8.1% -23.2% -21.8%

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