NISHIKAWA RUBBER, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 5% Increase, Dividend Revised Upward by 152 yen

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Mon Feb 10, 2025 4:00 pm JST Earnings

5161 NISHIKAWA RUBBER CO., LTD. 【J-GAAP】

Earnings Report

NISHIKAWA RUBBER CO., LTD. <5161> [TSE Std] announced its financial results after the market closed on February 10th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 3.3% from the same period last year to 5.68 billion yen.

However, the full-year consolidated ordinary profit has been revised upward 22.1%, from the previous forecast of 7.7 billion yen to 9.4 billion yen (compared to 8.92 billion yen in the previous period), turning to a 5.4% 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) has been revised upward 42.9%, from the previous forecast of 3.95 billion yen to 5.65 billion yen (compared to 5.82 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 32.0% to 2.8%.

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 52 yen to 204 yen (compared to 44 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit dropped to 1.94 billion yen, a 30.0% decrease compared to the same period last year. The operating profit margin drastically worsened from 8.7% in the same period last year to 5.1%.

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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	73,704	-1,885	-992	-962	-4.4	ー	Feb 8, 2023	J-GAAP
Apr - Dec, 2023	89,953	4,267	5,873	3,624	94.3	65.8	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	86,410	5,375	5,682	2,855	74.0	60.4	Feb 10, 2025	J-GAAP
YoY	-3.9%	+26.0%	-3.3%	-21.2%	-21.6%

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	54,484	2,898	3,959	2,610	67.6	13	Nov 11, 2024	J-GAAP
Oct - Mar, 2024 New	58,184	3,798	5,659	3,110	80.5	89	Feb 10, 2025	J-GAAP
Revision Rate	+6.8%	+31.1%	+42.9%	+19.2%	+19.2%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	115,700	7,000	7,700	4,700	121.7	26	Nov 11, 2024	J-GAAP
Mar, 2025 New	119,400	7,900	9,400	5,200	134.6	102	Feb 10, 2025	J-GAAP
Revision Rate	+3.2%	+12.9%	+22.1%	+10.6%	+10.6%

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	60,756	5,155	5,821	3,155	81.9	12	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	58,184	3,798	5,659	3,110	80.5	89	Feb 10, 2025	J-GAAP
YoY	-4.2%	-26.3%	-2.8%	-1.4%	-1.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	98,167	-105	1,332	1,170	30.4	20	May 11, 2023	J-GAAP
Mar, 2024	117,904	6,555	8,920	5,038	130.7	22	May 10, 2024	J-GAAP
Mar, 2025 Guidance	119,400	7,900	9,400	5,200	134.6	102	Feb 10, 2025	J-GAAP
YoY	+1.3%	+20.5%	+5.4%	+3.2%	+3.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	32,805	2,867	2,774	1,741	45.3	8.7	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	27,951	2,288	3,047	1,414	36.7	8.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	30,164	2,113	3,035	1,839	47.7	7.0	Oct 9, 2024	J-GAAP
Jul - Sep, 2024	31,052	1,989	706	251	6.5	6.4	Nov 11, 2024	J-GAAP
Oct - Dec, 2024	25,194	1,273	1,941	765	19.8	5.1	Feb 10, 2025	J-GAAP
YoY	-23.2%	-55.6%	-30.0%	-56.1%	-56.3%