KAWADEN, The Current Fiscal Year Ordinary Profit Revised Upward by 2.2 times, Dividend Revised Upward by 110 yen

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Mon Feb 10, 2025 4:00 pm JST Earnings

6648 KAWADEN CORPORATION 【J-GAAP】

Earnings Report

KAWADEN CORPORATION <6648> [TSE Std] announced its financial results after the market closed on February 10th (16:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 1.87 billion yen, an increase 89.4% compared to the same period last year.

In addition, the full-year ordinary profit has been revised upward 2.2 times, from the previous forecast of 1.2 billion yen to 2.6 billion yen (compared to 1.15 billion yen in the previous period), increasing the growth rate from 4.1% to 2.3 times.

Based on the full-year plan announced by the company after the upward revision, our estimate of the ordinary profit for the October to March period (2H) is expected to increase 3.9 times, from the previous forecast of 0.47 billion yen to 1.87 billion yen (compared to 0.59 billion yen in the same period of the previous year), turning to a 3.2 times increase in the ordinary profit outlook.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 80 yen to 190 yen (compared to 90 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the ordinary profit surged 2.7 times that of the same period last year, reaching 1.15 billion yen. The operating profit margin drastically improved from 7.5% in the same period last year to 17.5%.

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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	14,318	181	188	128	40.0	37.5	Feb 8, 2023	J-GAAP
Apr - Dec, 2023	16,412	986	990	645	201.6	85.9	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	17,005	1,854	1,875	1,241	387.7	72.1	Feb 10, 2025	J-GAAP
YoY	+3.6%	+88.0%	+89.4%	+92.4%	+92.3%

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	11,508	486	476	313	97.7	40	Nov 11, 2024	J-GAAP
Oct - Mar, 2024 New	13,508	1,886	1,876	1,223	381.8	150	Feb 10, 2025	J-GAAP
Revision Rate	+17.4%	+288.1%	+294.1%	+290.7%	+290.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	22,000	1,200	1,200	780	243.5	80	May 9, 2024	J-GAAP
Mar, 2025 New	24,000	2,600	2,600	1,690	527.6	190	Feb 10, 2025	J-GAAP
Revision Rate	+9.1%	+116.7%	+116.7%	+116.7%	+116.7%

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	10,668	581	594	369	115.3	50	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	13,508	1,886	1,876	1,223	381.8	150	Feb 10, 2025	J-GAAP
YoY	+26.6%	+224.6%	+215.8%	+231.4%	+231.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	19,664	509	501	320	100.0	80	May 11, 2023	J-GAAP
Mar, 2024	21,334	1,134	1,153	744	232.4	90	May 9, 2024	J-GAAP
Mar, 2025 Guidance	24,000	2,600	2,600	1,690	527.6	190	Feb 10, 2025	J-GAAP
YoY	+12.5%	+129.3%	+125.5%	+127.2%	+127.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	5,746	433	431	270	84.4	7.5	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	4,922	148	163	99	30.9	3.0	May 9, 2024	J-GAAP
Apr - Jun, 2024	5,289	348	352	228	71.2	6.6	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	5,203	366	372	239	74.8	7.0	Nov 11, 2024	J-GAAP
Oct - Dec, 2024	6,513	1,140	1,151	774	241.8	17.5	Feb 10, 2025	J-GAAP
YoY	+13.3%	+163.3%	+167.1%	+186.7%	+186.5%