Showa Manufacturing, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 32% Increase, Raises Record High Profit, Dividend Revised Upward by 30 yen

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Fri Feb 7, 2025 4:00 pm JST Earnings

5953 Showa Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Showa Manufacturing Co.,Ltd. <5953> [FSE] announced its financial results after the market closed on February 7th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 1.02 billion yen, an increase 85.4% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward 41.0%, from the previous forecast of 0.78 billion yen to 1.1 billion yen (compared to 0.83 billion yen in the previous period), record profits reach two consecutive terms, turning to a 32.2% increase in the consolidated ordinary profit outlook.

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 96.7%, from the previous forecast of 0.33 billion yen to 0.65 billion yen (compared to 0.54 billion yen in the same period of the previous year), turning to a 19.4% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 70 yen to 100 yen (compared to 140 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 2.2 times that of the same period last year, reaching 0.58 billion yen. The operating profit margin drastically improved from 6.7% in the same period last year to 12.2%.

Kabutan News

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	8,749	-243	-123	-72	-88.4	ー	Feb 14, 2023	J-GAAP
Apr - Dec, 2023	9,573	412	555	476	578.4	66.7	Feb 9, 2024	J-GAAP
Apr - Dec, 2024	10,260	876	1,029	722	876.7	93.5	Feb 7, 2025	J-GAAP
YoY	+7.2%	+112.6%	+85.4%	+51.7%	+51.6%

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	7,448	271	331	308	373.9	70	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	7,748	571	651	458	555.9	100	Feb 7, 2025	J-GAAP
Revision Rate	+4.0%	+110.7%	+96.7%	+48.7%	+48.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	13,800	670	780	580	704.0	70	May 10, 2024	J-GAAP
Mar, 2025 New	14,100	970	1,100	730	886.1	100	Feb 7, 2025	J-GAAP
Revision Rate	+2.2%	+44.8%	+41.0%	+25.9%	+25.9%

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	7,398	480	545	854	1,037.3	140	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	7,748	571	651	458	555.9	100	Feb 7, 2025	J-GAAP
YoY	+4.7%	+19.0%	+19.4%	-46.4%	-46.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	12,042	-63	56	78	95.8	50	May 12, 2023	J-GAAP
Mar, 2024	13,515	662	832	1,048	1,272.9	140	May 10, 2024	J-GAAP
Mar, 2025 Guidance	14,100	970	1,100	730	886.1	100	Feb 7, 2025	J-GAAP
YoY	+4.3%	+46.5%	+32.2%	-30.3%	-30.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	3,456	230	268	282	342.6	6.7	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	3,942	250	277	572	694.7	6.3	May 10, 2024	J-GAAP
Apr - Jun, 2024	2,723	63	184	62	76.0	2.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	3,629	336	265	210	255.1	9.3	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	3,908	477	580	450	546.4	12.2	Feb 7, 2025	J-GAAP
YoY	+13.1%	+107.4%	+116.4%	+59.6%	+59.5%