Fukoku, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 7% Decrease

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Fri Feb 14, 2025 4:00 pm JST Earnings

5185 Fukoku Co.,Ltd. 【J-GAAP】

Earnings Report

Fukoku Co.,Ltd. <5185> [TSE Prime] announced its financial results after the market closed on February 14th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 25.9% from the same period last year, reaching 3.28 billion yen.

However, the full-year consolidated ordinary profit has decreased 20.8%, from the previous forecast of 4.8 billion yen to 3.8 billion yen (compared to 4.09 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 7.2% 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 38.8%, from the previous forecast of 2.57 billion yen to 1.57 billion yen (compared to 2.7 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 4.6% to 41.6%.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 1.06 billion yen, a 12.9% decrease compared to the same period last year. However, the operating profit margin improved from 5.1% in the same period last year to 7.4%.

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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	60,622	1,334	2,493	1,911	118.7	79.4	Feb 3, 2023	J-GAAP
Apr - Dec, 2023	66,233	2,254	2,607	1,846	114.6	63.7	Feb 5, 2024	J-GAAP
Apr - Dec, 2024	66,797	3,705	3,281	1,902	118.1	86.3	Feb 14, 2025	J-GAAP
YoY	+0.9%	+64.4%	+25.9%	+3.0%	+3.0%

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	48,415	2,740	2,579	2,208	137.0	37.50	Nov 6, 2024	J-GAAP
Oct - Mar, 2024 New	44,415	2,540	1,579	858	53.2	37.50	Feb 14, 2025	J-GAAP
Revision Rate	-8.3%	-7.3%	-38.8%	-61.1%	-61.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	93,000	4,800	4,800	3,750	232.6	75	May 15, 2024	J-GAAP
Mar, 2025 New	89,000	4,600	3,800	2,400	148.9	75	Feb 14, 2025	J-GAAP
Revision Rate	-4.3%	-4.2%	-20.8%	-36.0%	-36.0%

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	45,897	2,587	2,704	2,003	124.4	32.50	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	44,415	2,540	1,579	858	53.2	37.50	Feb 14, 2025	J-GAAP
YoY	-3.2%	-1.8%	-41.6%	-57.2%	-57.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	82,318	2,010	3,139	2,135	132.6	50	May 15, 2023	J-GAAP
Mar, 2024	88,847	3,646	4,094	3,050	189.4	60	May 15, 2024	J-GAAP
Mar, 2025 Guidance	89,000	4,600	3,800	2,400	148.9	75	Feb 14, 2025	J-GAAP
YoY	+0.2%	+26.2%	-7.2%	-21.3%	-21.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	23,283	1,195	1,217	799	49.6	5.1	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	22,614	1,392	1,487	1,204	74.8	6.2	May 15, 2024	J-GAAP
Apr - Jun, 2024	22,226	980	1,288	738	45.8	4.4	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	22,359	1,080	933	804	49.9	4.8	Nov 6, 2024	J-GAAP
Oct - Dec, 2024	22,212	1,645	1,060	360	22.3	7.4	Feb 14, 2025	J-GAAP
YoY	-4.6%	+37.7%	-12.9%	-54.9%	-55.0%