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Vertex Corporation, First Half Ordinary Profit Unexpectedly Revised Upward by 14%

Thu Nov 14, 2024 3:30 pm JST Earnings

5290 Vertex Corporation 【J-GAAP】

Earnings Report

Vertex Corporation <5290> [TSE-S] announced its financial results after the market closed on November 14th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 13.9% from the same period last year, reaching 2.53 billion yen, resulting in an increase in profits compared to the previous forecast of a 5.8% decrease.

The progress rate against the 6.2 billion yen full-year plan was 41.0%, exceeding the five-year average of 34.7%.

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 grow by 1.2% from the same period last year, reaching 3.66 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 24.4% from the same period last year, reaching 1.7 billion yen. The operating profit margin rose from 16.2% in the same period last year to 17.1%.

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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 16,906 1,867 1,986 1,294 24.2 34.0 Nov 10, 2022 J-GAAP
Apr - Sep, 2023 16,192 2,178 2,230 1,326 25.4 38.1 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 18,006 2,450 2,539 1,451 28.5 41.0 Nov 14, 2024 J-GAAP
YoY +11.2% +12.5% +13.9% +9.4% +12.1%

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 17,000 2,000 2,100 1,400 27.8 － May 10, 2024 J-GAAP
Apr - Sep, 2024 Results 18,006 2,450 2,539 1,451 28.5 － Nov 14, 2024 J-GAAP
Revision Rate +5.9% +22.5% +20.9% +3.6% +2.4%

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 20,641 3,549 3,619 2,402 46.4 20 May 10, 2024 J-GAAP
Oct - Mar, 2024 Guidance 21,994 3,550 3,661 2,599 51.7 25 Nov 14, 2024 J-GAAP
YoY +6.6% +0.0% +1.2% +8.2% +11.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 39,095 5,560 5,837 3,742 70.4 15 May 11, 2023 J-GAAP
Mar, 2024 36,833 5,727 5,849 3,728 71.9 20 May 10, 2024 J-GAAP
Mar, 2025 Guidance 40,000 6,000 6,200 4,050 80.5 25 May 10, 2024 J-GAAP
YoY +8.6% +4.8% +6.0% +8.6% +11.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 8,577 1,391 1,374 794 15.2 16.2 Nov 9, 2023 J-GAAP
Oct - Dec, 2023 10,274 1,818 1,875 1,230 23.7 17.7 Feb 8, 2024 J-GAAP
Jan - Mar, 2024 10,367 1,731 1,744 1,172 22.6 16.7 May 10, 2024 J-GAAP
Apr - Jun, 2024 8,241 781 830 209 4.1 9.5 Aug 8, 2024 J-GAAP
Jul - Sep, 2024 9,765 1,669 1,709 1,242 24.4 17.1 Nov 14, 2024 J-GAAP
YoY +13.9% +20.0% +24.4% +56.4% +60.1%

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