Kawai Musical Instruments, The Current Fiscal Year Net Income Revised Downward to a Loss, The Undetermined Dividend Set at 95 yen

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Fri Feb 14, 2025 3:30 pm JST Earnings

7952 Kawai Musical Instruments Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Kawai Musical Instruments Manufacturing Co.,Ltd. <7952> [TSE Prime] announced its financial results after the market closed on February 14th (15:30). The consolidated net income/loss for the cumulative third quarter of the fiscal year ending March 2025 (April to December) turned into a loss of 0.16 billion yen (compared to a profit of 2.11 billion yen in the same period last year).

In addition, the full-year consolidated net income/loss has been revised downward from an expected profit of 0.4 billion yen to a loss of 0.4 billion yen (compared to a profit of 2.78 billion yen in the previous period), turning to a loss outlook.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (2H) has decreased 99.3%, from the previous forecast of 0.8 billion yen to 0 billion yen (compared to 1.24 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 35.3% to 99.5%.

At the same time, the company has decided to implement a year-end lump-sum dividend of 95 yen for the current fiscal year, which was previously undecided (compared to 95 yen in the prior term).

In the most recent three-month period, from October to December (3Q), the consolidated net income significantly dropped to 0.23 billion yen, a 59.1% decrease compared to the same period last year. The operating profit margin drastically worsened from 4.9% in the same period last year to 0.3%.

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	64,692	3,737	4,107	2,498	290.7	72.8	Feb 9, 2023	J-GAAP
Apr - Dec, 2023	59,934	2,770	3,367	2,117	246.4	80.1	Feb 14, 2024	J-GAAP
Apr - Dec, 2024	54,455	-159	106	-169	-19.7	ー	Feb 14, 2025	J-GAAP
YoY	-9.1%	－	-96.9%	－	－

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	41,344	1,222	1,226	806	93.7	－	Nov 12, 2024	J-GAAP
Oct - Mar, 2024 New	36,844	-178	226	6	0.7	95	Feb 14, 2025	J-GAAP
Revision Rate	-10.9%	－	-81.6%	-99.3%	-99.3%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	77,500	1,000	1,000	400	46.5	－	May 15, 2024	J-GAAP
Mar, 2025 New	73,000	-400	0	-400	-46.5	95	Feb 14, 2025	J-GAAP
Revision Rate	-5.8%	－	－	－	－

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	39,787	1,443	1,782	1,245	144.9	95	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	36,844	-178	226	6	0.7	95	Feb 14, 2025	J-GAAP
YoY	-7.4%	－	-87.3%	-99.5%	-99.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	87,771	5,045	5,639	3,672	427.3	85	May 11, 2023	J-GAAP
Mar, 2024	80,192	3,255	4,201	2,782	323.7	95	May 15, 2024	J-GAAP
Mar, 2025 Guidance	73,000	-400	0	-400	-46.5	95	Feb 14, 2025	J-GAAP
YoY	-9.0%	－	－	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	19,529	958	948	580	67.5	4.9	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	20,258	485	834	665	77.4	2.4	May 15, 2024	J-GAAP
Apr - Jun, 2024	17,602	-555	-227	-283	-33.0	-3.2	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	18,554	333	1	-123	-14.3	1.8	Nov 12, 2024	J-GAAP
Oct - Dec, 2024	18,299	63	332	237	27.6	0.3	Feb 14, 2025	J-GAAP
YoY	-6.3%	-93.4%	-65.0%	-59.1%	-59.1%