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WATTS, First Half Ordinary Profit Increases by 16%

Thu Apr 10, 2025 3:30 pm JST Earnings

2735 WATTS CO., LTD. 【J-GAAP】

Earnings Report

WATTS CO., LTD. <2735> [TSE Std] announced its financial results after the market closed on April 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending August 2025 (September 2024 to February 2025) increased 15.6% from the same period last year, reaching 0.86 billion yen, exceeded the previous forecast of 0.75 billion yen.

The progress rate toward the full-year plan of 1.3 billion yen was 66.6%, also surpassing the five-year average of 54.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the March to August period (2H) is expected to decrease 9.4% from the same period last year to 0.43 billion yen.

In the most recent three-month period, from December to February (2Q), the consolidated ordinary profit amounted to 0.55 billion yen, an increase of 1.3% compared to the same period last year. However, the operating profit margin remained almost flat, changing from 3.6% in the same period last year to 3.6%.

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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
Sep - Feb, 2022 29,550 271 270 292 21.5 41.7 Apr 10, 2023 J-GAAP
Sep - Feb, 2023 30,255 743 749 436 32.9 61.0 Apr 10, 2024 J-GAAP
Sep - Feb, 2024 30,465 820 866 536 40.8 66.6 Apr 10, 2025 J-GAAP
YoY +0.7% +10.4% +15.6% +22.9% +23.9%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2024 Guidance 30,500 750 750 450 34.1 10.50 Jan 10, 2025 J-GAAP
Sep - Feb, 2024 Results 30,465 820 866 536 40.8 10.50 Apr 10, 2025 J-GAAP
Revision Rate -0.1% +9.3% +15.5% +19.1% +19.5%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2024 31,002 503 479 468 35.4 20 Oct 10, 2024 J-GAAP
Mar - Aug, 2025 Guidance 31,535 530 434 414 31.3 7.50 Apr 10, 2025 J-GAAP
YoY +1.7% +5.4% -9.4% -11.5% -11.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Aug, 2023 59,309 621 648 250 18.5 15 Oct 10, 2023 J-GAAP
Aug, 2024 61,257 1,246 1,228 904 68.5 20 Oct 10, 2024 J-GAAP
Aug, 2025 Guidance 62,000 1,350 1,300 950 71.8 18 Jan 10, 2025 J-GAAP
YoY +1.2% +8.3% +5.9% +5.1% +4.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Dec - Feb, 2023 15,442 553 552 346 26.1 3.6 Apr 10, 2024 J-GAAP
Mar - May, 2024 15,349 311 320 324 24.5 2.0 Jul 10, 2024 J-GAAP
Jun - Aug, 2024 15,653 192 159 144 10.9 1.2 Oct 10, 2024 J-GAAP
Sep - Nov, 2024 14,995 267 307 191 14.6 1.8 Jan 10, 2025 J-GAAP
Dec - Feb, 2024 15,470 553 559 345 26.2 3.6 Apr 10, 2025 J-GAAP
YoY +0.2% 0.0% +1.3% -0.3% +0.5%

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