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RINNAI CORPORATION, First Half Ordinary Profit Increases by 50%

Thu Nov 7, 2024 10:40 am JST Earnings

5947 RINNAI CORPORATION 【J-GAAP】

Earnings Report

RINNAI CORPORATION <5947> [TSE-P] announced its financial results in the morning on November 7th (10:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 22.3 billion yen, an increase of 49.7% compared to the same period last year, exceeded the previous forecast of 18.9 billion yen.

The progress rate against the 48 billion yen full-year plan was 46.5%, exceeding the five-year average of 41.9%.

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 decrease by 17.6% from the same period last year to 25.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 26.9% from the same period last year, reaching 11.4 billion yen. The operating profit margin significantly improved from 6.8% in the same period last year to 10.8%.

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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 194,347 19,084 22,213 13,382 90.1 49.8 Nov 4, 2022 J-GAAP
Apr - Sep, 2023 192,694 10,120 14,910 7,902 54.4 32.4 Nov 7, 2023 J-GAAP
Apr - Sep, 2024 212,124 20,996 22,327 12,247 86.0 46.5 Nov 7, 2024 J-GAAP
YoY +10.1% +107.5% +49.7% +55.0% +58.1%

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 212,000 17,300 18,900 11,500 81.0 40 May 9, 2024 J-GAAP
Apr - Sep, 2024 Results 212,124 20,996 22,327 12,247 86.0 40 Nov 7, 2024 J-GAAP
Revision Rate +0.1% +21.4% +18.1% +6.5% +6.2%

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 237,492 29,242 31,161 18,765 130.0 30 May 9, 2024 J-GAAP
Oct - Mar, 2024 Guidance 237,876 24,004 25,673 16,053 114.1 40 Nov 7, 2024 J-GAAP
YoY +0.2% -17.9% -17.6% -14.5% -12.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 425,229 41,418 44,565 26,096 176.9 53.33 May 10, 2023 J-GAAP
Mar, 2024 430,186 39,362 46,071 26,667 184.8 60 May 9, 2024 J-GAAP
Mar, 2025 Guidance 450,000 45,000 48,000 28,300 201.2 80 May 9, 2024 J-GAAP
YoY +4.6% +14.3% +4.2% +6.1% +8.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 102,841 7,007 9,015 4,614 31.8 6.8 Nov 7, 2023 J-GAAP
Oct - Dec, 2023 117,468 15,348 15,561 9,473 65.5 13.1 Feb 8, 2024 J-GAAP
Jan - Mar, 2024 120,024 13,894 15,600 9,292 64.4 11.6 May 9, 2024 J-GAAP
Apr - Jun, 2024 98,185 8,717 10,889 6,817 47.7 8.9 Aug 7, 2024 J-GAAP
Jul - Sep, 2024 113,939 12,279 11,438 5,430 38.1 10.8 Nov 7, 2024 J-GAAP
YoY +10.8% +75.2% +26.9% +17.7% +20.1%

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