Shimadzu, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 2% Decrease

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Wed Feb 5, 2025 3:30 pm JST Earnings

7701 Shimadzu Corporation 【J-GAAP】

Earnings Report

Shimadzu Corporation <7701> [TSE Prime] announced its financial results after the market closed on February 5th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 7.1% from the same period last year to 49.1 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 2.6%, from the previous forecast of 77 billion yen to 75 billion yen (compared to 76.8 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 2.5% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has decreased 4.1%, from the previous forecast of 48.5 billion yen to 46.5 billion yen (compared to 41 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 18.4% to 13.5%.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 21.6% from the same period last year, reaching 20.7 billion yen. However, the operating profit margin decreased from 14.5% in the same period last year to 12.6%.

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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	339,472	45,780	48,320	35,922	121.9	68.2	Feb 6, 2023	J-GAAP
Apr - Dec, 2023	365,623	50,747	52,913	39,055	132.5	68.8	Feb 6, 2024	J-GAAP
Apr - Dec, 2024	384,296	47,045	49,158	36,143	122.9	65.5	Feb 5, 2025	J-GAAP
YoY	+5.1%	-7.3%	-7.1%	-7.5%	-7.2%

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	288,753	45,779	48,592	36,684	127.0	36	Nov 7, 2024	J-GAAP
Oct - Mar, 2024 New	288,753	42,779	46,592	36,684	127.0	36	Feb 5, 2025	J-GAAP
Revision Rate	0.0%	-6.6%	-4.1%	0.0%	0.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	540,000	76,000	77,000	58,000	200.8	62	Nov 7, 2024	J-GAAP
Mar, 2025 New	540,000	73,000	75,000	58,000	200.8	62	Feb 5, 2025	J-GAAP
Revision Rate	0.0%	-3.9%	-2.6%	0.0%	0.0%

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	272,381	40,248	41,044	30,487	103.5	36	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	288,753	42,779	46,592	36,684	127.0	36	Feb 5, 2025	J-GAAP
YoY	+6.0%	+6.3%	+13.5%	+20.3%	+22.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	482,240	68,219	70,882	52,048	176.6	54	May 10, 2023	J-GAAP
Mar, 2024	511,895	72,753	76,895	57,037	193.5	60	May 10, 2024	J-GAAP
Mar, 2025 Guidance	540,000	73,000	75,000	58,000	200.8	62	Feb 5, 2025	J-GAAP
YoY	+5.5%	+0.3%	-2.5%	+1.7%	+3.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	126,109	18,242	17,062	12,505	42.4	14.5	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	146,272	22,006	23,982	17,982	61.0	15.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	116,938	10,961	13,694	9,987	33.9	9.4	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	134,309	19,260	14,714	11,329	38.5	14.3	Nov 7, 2024	J-GAAP
Oct - Dec, 2024	133,049	16,824	20,750	14,827	50.4	12.6	Feb 5, 2025	J-GAAP
YoY	+5.5%	-7.8%	+21.6%	+18.6%	+18.9%