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Nippon Shikizai, Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 23%

Fri Oct 11, 2024 5:00 pm JST Earnings

4920 Nippon Shikizai, Inc. 【J-GAAP】

Earnings Report

Nippon Shikizai, Inc. <4920> [TSE-S] announced its financial results after the market closed on October 11th (17:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending February 2025 (March to August) expanded to 424 million yen, an increase of 55.9% compared to the same period last year.

However, the full-year consolidated ordinary profit has downwardly by 23.0%, from the previous forecast of 600 million yen to 462 million yen (compared to 407 million yen in the previous period), leading to a reduction in the profit growth rate from 47.4% to 13.5%.

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 September to February period (second half) is expected to significant drop by 71.9% from the same period last year to 38 million yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary profit increased by 43.4% from the same period last year, reaching 162 million yen. The operating profit margin improved from 3.2% in the same period last year to 4.7%.

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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
Mar - Aug, 2022 5,612 35 26 75 35.8 17.6 Oct 12, 2022 J-GAAP
Mar - Aug, 2023 7,355 286 272 217 103.6 66.8 Oct 12, 2023 J-GAAP
Mar - Aug, 2024 9,505 489 424 252 120.7 91.8 Oct 11, 2024 J-GAAP
YoY +29.2% +71.0% +55.9% +16.1% +16.4%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2024 Guidance 9,301 430 376 228 108.8 0 Jul 11, 2024 J-GAAP
Mar - Aug, 2024 Results 9,505 489 424 252 120.7 0 Oct 11, 2024 J-GAAP
Revision Rate +2.2% +13.7% +12.8% +10.5% +10.9%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2025 Prev 17,354 711 600 405 193.3 20 Jul 11, 2024 J-GAAP
Feb, 2025 New 17,821 593 462 230 109.7 20 Oct 11, 2024 J-GAAP
Revision Rate +2.7% -16.6% -23.0% -43.2% -43.2%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2023 7,695 155 135 181 86.4 20 Apr 11, 2024 J-GAAP
Sep - Feb, 2024 Guidance 8,316 104 38 -22 -10.5 20 Oct 11, 2024 J-GAAP
YoY +8.1% -32.9% -71.9% － －

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2023 11,760 161 148 246 117.5 0 Apr 12, 2023 J-GAAP
Feb, 2024 15,050 441 407 398 190.0 20 Apr 11, 2024 J-GAAP
Feb, 2025 Guidance 17,821 593 462 230 109.7 20 Oct 11, 2024 J-GAAP
YoY +18.4% +34.5% +13.5% -42.2% -42.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2023 3,676 116 113 78 37.3 3.2 Oct 12, 2023 J-GAAP
Sep - Nov, 2023 3,700 20 8 39 18.7 0.5 Jan 11, 2024 J-GAAP
Dec - Feb, 2023 3,995 135 127 142 67.8 3.4 Apr 11, 2024 J-GAAP
Mar - May, 2024 4,931 276 262 146 69.9 5.6 Jul 11, 2024 J-GAAP
Jun - Aug, 2024 4,574 213 162 106 50.8 4.7 Oct 11, 2024 J-GAAP
YoY +24.4% +83.6% +43.4% +35.9% +36.2%

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