NIKON CORPORATION, First Half Net Income Decreases by 70%, July-September Net Income Decreases by 97%

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Thu Nov 7, 2024 3:30 pm JST Earnings

7731 NIKON CORPORATION 【IFRS】

Earnings Report

NIKON CORPORATION <7731> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 7th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 69.8% from the same period last year to 2.96 billion yen. The progress rate against the 16 billion yen full-year plan was 18.5%, also falling below the five-year average of 86.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to drop by 42.7% from the same period last year to 13 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 208 million yen, a 97.1% decrease compared to the same period last year. The operating profit margin drastically worsened from 6.0% in the same period last year to 1.7%.

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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
Apr - Sep, 2022	288,330	24,419	26,035	18,880	51.9	45.6	Nov 10, 2022	IFRS
Apr - Sep, 2023	331,296	13,629	15,260	9,801	28.3	35.8	Nov 9, 2023	IFRS
Apr - Sep, 2024	332,779	5,817	4,454	2,963	8.6	20.2	Nov 7, 2024	IFRS
YoY	+0.4%	-57.3%	-70.8%	-69.8%	-69.8%

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	332,500	5,500	4,000	2,500	7.2	25	Oct 31, 2024	IFRS
Apr - Sep, 2024 Results	332,779	5,817	4,454	2,963	8.6	25	Nov 7, 2024	IFRS
Revision Rate	+0.1%	+5.8%	+11.4%	+18.5%	+18.6%

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	385,949	26,147	27,409	22,769	65.7	25	May 9, 2024	IFRS
Oct - Mar, 2024 Guidance	392,221	16,183	17,546	13,037	38.0	30	Nov 7, 2024	IFRS
YoY	+1.6%	-38.1%	-36.0%	-42.7%	-42.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	628,105	54,908	57,058	44,944	125.5	45	May 11, 2023	IFRS
Mar, 2024	717,245	39,776	42,669	32,570	94.0	50	May 9, 2024	IFRS
Mar, 2025 Guidance	725,000	22,000	22,000	16,000	46.6	55	Oct 31, 2024	IFRS
YoY	+1.1%	-44.7%	-48.4%	-50.9%	-50.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	173,150	10,339	10,443	7,225	20.9	6.0	Nov 9, 2023	IFRS
Oct - Dec, 2023	197,616	20,809	20,946	15,172	43.8	10.5	Feb 8, 2024	IFRS
Jan - Mar, 2024	188,333	5,338	6,463	7,597	21.9	2.8	May 9, 2024	IFRS
Apr - Jun, 2024	163,896	2,950	4,645	2,755	8.0	1.8	Aug 8, 2024	IFRS
Jul - Sep, 2024	168,883	2,867	-191	208	0.6	1.7	Nov 7, 2024	IFRS
YoY	-2.5%	-72.3%	－	-97.1%	-97.1%