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F&M CO.,LTD., First Half Ordinary Profit Decreases by 33%

Thu Oct 31, 2024 4:00 pm JST Earnings

4771 F&M CO.,LTD. 【J-GAAP】

Earnings Report

F&M CO.,LTD. <4771> [TSE-S] announced its financial results after the market closed on October 31st (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 32.6% from the same period last year to 638 million yen, fell short of the previous forecast of 806 million yen.

The progress rate against the 1.82 billion yen full-year plan was 34.9%, almost the same as the five-year average of 34.0%.

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 October to March period (second half) is expected to nearly flat at 1.19 billion yen, down 0.5% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 223 million yen, a 38.7% decrease compared to the same period last year. The operating profit margin significantly dropped from 10.8% in the same period last year to 6.2%.

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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 5,544 899 910 599 41.1 34.7 Oct 31, 2022 J-GAAP
Apr - Sep, 2023 6,755 938 947 634 43.5 44.2 Oct 31, 2023 J-GAAP
Apr - Sep, 2024 7,133 625 638 404 27.7 34.9 Oct 31, 2024 J-GAAP
YoY +5.6% -33.4% -32.6% -36.3% -36.2%

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 7,741 799 806 539 36.4 20 May 14, 2024 J-GAAP
Apr - Sep, 2024 Results 7,133 625 638 404 27.7 20 Oct 31, 2024 J-GAAP
Revision Rate -7.9% -21.8% -20.8% -25.0% -24.0%

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 8,106 1,190 1,196 975 66.8 19 May 14, 2024 J-GAAP
Oct - Mar, 2024 Guidance 9,547 1,187 1,190 954 64.5 20 Oct 31, 2024 J-GAAP
YoY +17.8% -0.3% -0.5% -2.2% -3.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 12,699 2,602 2,621 1,881 128.9 34 May 12, 2023 J-GAAP
Mar, 2024 14,861 2,128 2,143 1,609 110.3 38 May 14, 2024 J-GAAP
Mar, 2025 Guidance 16,680 1,812 1,828 1,358 91.8 40 May 14, 2024 J-GAAP
YoY +12.2% -14.8% -14.7% -15.6% -16.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 3,320 360 364 261 17.9 10.8 Oct 31, 2023 J-GAAP
Oct - Dec, 2023 4,063 704 707 526 36.1 17.3 Jan 31, 2024 J-GAAP
Jan - Mar, 2024 4,043 486 489 449 30.8 12.0 May 14, 2024 J-GAAP
Apr - Jun, 2024 3,637 408 415 244 16.8 11.2 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 3,496 217 223 160 11.0 6.2 Oct 31, 2024 J-GAAP
YoY +5.3% -39.7% -38.7% -38.7% -38.7%

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