YAKULT HONSHA CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 6%

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Tue Nov 12, 2024 2:20 pm JST Earnings

2267 YAKULT HONSHA CO.,LTD. 【J-GAAP】

Earnings Report

YAKULT HONSHA CO.,LTD. <2267> [TSE-P] announced its financial results in the afternoon session on November 12th (14:20). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 7.2% from the same period last year, reaching 45.2 billion yen.

However, the full-year consolidated ordinary profit has downwardly by 5.8%, from the previous forecast of 86.5 billion yen to 81.5 billion yen (compared to 79.3 billion yen in the previous period), leading to a reduction in the profit growth rate from 9.1% to 2.8%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 2.2% from the same period last year to 36.2 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 7.5% from the same period last year, reaching 22.9 billion yen. However, the operating profit margin decreased from 14.0% in the same period last year to 13.3%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	232,785	35,296	41,968	26,918	86.1	53.8	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	252,829	35,305	42,233	26,074	83.5	53.3	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	255,093	33,777	45,256	27,472	90.6	55.5	Nov 12, 2024	J-GAAP
YoY	+0.9%	-4.3%	+7.2%	+5.4%	+8.5%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	267,000	35,500	45,000	28,500	94.0	32	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	255,093	33,777	45,256	27,472	90.6	32	Nov 12, 2024	J-GAAP
Revision Rate	-4.5%	-4.9%	+0.6%	-3.6%	-3.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	533,500	68,500	86,500	55,500	183.0	64	May 14, 2024	J-GAAP
Mar, 2025 New	512,000	61,500	81,500	52,000	171.5	64	Nov 12, 2024	J-GAAP
Revision Rate	-4.0%	-10.2%	-5.8%	-6.3%	-6.3%

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	250,250	28,094	37,067	24,932	80.4	28	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	256,907	27,723	36,244	24,528	80.9	32	Nov 12, 2024	J-GAAP
YoY	+2.7%	-1.3%	-2.2%	-1.6%	+0.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	483,071	66,068	77,970	50,641	162.1	45	May 12, 2023	J-GAAP
Mar, 2024	503,079	63,399	79,300	51,006	164.5	55.50	May 14, 2024	J-GAAP
Mar, 2025 Guidance	512,000	61,500	81,500	52,000	171.5	64	Nov 12, 2024	J-GAAP
YoY	+1.8%	-3.0%	+2.8%	+1.9%	+4.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	130,714	18,324	21,374	12,963	41.5	14.0	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	134,892	20,597	26,743	17,265	55.4	15.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	115,358	7,497	10,324	7,667	24.7	6.5	May 14, 2024	J-GAAP
Apr - Jun, 2024	122,644	16,098	22,288	14,089	46.5	13.1	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	132,449	17,679	22,968	13,383	44.1	13.3	Nov 12, 2024	J-GAAP
YoY	+1.3%	-3.5%	+7.5%	+3.2%	+6.3%