Chugoku Marine Paints, The Current Fiscal Year Ordinary Profit Revised Upward by 9%, Raises Record High Profit Forecast, Dividend Revised Upward by 5 yen

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Tue Feb 4, 2025 3:30 pm JST Earnings

4617 Chugoku Marine Paints,Ltd. 【J-GAAP】

Earnings Report

Chugoku Marine Paints,Ltd. <4617> [TSE Prime] announced its financial results after the market closed on February 4th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 19.4% from the same period last year, reaching 12 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 9.2%, from the previous forecast of 15.2 billion yen to 16.6 billion yen (compared to 13 billion yen in the previous period), increasing the growth rate from 16.7% to 27.4%, 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 October to March period (2H) is expected to increase 20.9%, from the previous forecast of 6.69 billion yen to 8.09 billion yen (compared to 7.18 billion yen in the same period of the previous year), turning to a 12.7% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 85 yen to 90 yen (compared to 80 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 3.5 billion yen, a 16.8% decrease compared to the same period last year. The operating profit margin decreased from 12.7% in the same period last year to 11.2%.

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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	70,981	1,678	2,790	2,076	41.2	64.1	Jan 31, 2023	J-GAAP
Apr - Dec, 2023	86,140	9,051	10,059	7,675	154.9	77.2	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	96,055	11,643	12,015	10,691	215.7	72.4	Feb 4, 2025	J-GAAP
YoY	+11.5%	+28.6%	+19.4%	+39.3%	+39.3%

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	65,065	7,071	6,693	4,668	94.2	45	Oct 31, 2024	J-GAAP
Oct - Mar, 2024 New	67,065	7,671	8,093	5,168	104.2	50	Feb 4, 2025	J-GAAP
Revision Rate	+3.1%	+8.5%	+20.9%	+10.7%	+10.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	128,000	15,000	15,200	13,000	262.2	85	Oct 31, 2024	J-GAAP
Mar, 2025 New	130,000	15,600	16,600	13,500	272.3	90	Feb 4, 2025	J-GAAP
Revision Rate	+1.6%	+4.0%	+9.2%	+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	60,796	7,056	7,184	5,476	110.5	46	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	67,065	7,671	8,093	5,168	104.2	50	Feb 4, 2025	J-GAAP
YoY	+10.3%	+8.7%	+12.7%	-5.6%	-5.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	99,481	3,887	4,351	3,848	76.7	35	May 10, 2023	J-GAAP
Mar, 2024	116,174	12,185	13,025	9,892	199.6	80	May 9, 2024	J-GAAP
Mar, 2025 Guidance	130,000	15,600	16,600	13,500	272.3	90	Feb 4, 2025	J-GAAP
YoY	+11.9%	+28.0%	+27.4%	+36.5%	+36.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	30,762	3,922	4,218	3,259	65.8	12.7	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	30,034	3,134	2,966	2,217	44.7	10.4	May 9, 2024	J-GAAP
Apr - Jun, 2024	29,080	3,367	3,871	4,949	99.9	11.6	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	33,855	4,562	4,636	3,383	68.2	13.5	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	33,120	3,714	3,508	2,359	47.6	11.2	Feb 4, 2025	J-GAAP
YoY	+7.7%	-5.3%	-16.8%	-27.6%	-27.6%