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Kawai Musical Instruments Manufacturing Co.,Ltd., First Half Ordinary Profit Turns to Loss, July-September Ordinary Profit Decreases by 100%

Tue Nov 12, 2024 3:30 pm JST Earnings

7952 Kawai Musical Instruments Manufacturing Co.,Ltd. 【J-GAAP】

Earnings Report

Kawai Musical Instruments Manufacturing Co.,Ltd. <7952> [TSE-P] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 226 million yen (compared to a profit of 2.41 billion yen in the same period last year).

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 drop by 31.2% from the same period last year to 1.22 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 1 million yen, a 99.9% decrease compared to the same period last year. The operating profit margin drastically worsened from 4.9% in the same period last year to 1.8%.

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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 42,024 2,436 2,861 1,769 205.9 50.7 Nov 9, 2022 J-GAAP
Apr - Sep, 2023 40,405 1,812 2,419 1,537 178.9 57.6 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 36,156 -222 -226 -406 -47.2 ー Nov 12, 2024 J-GAAP
YoY -10.5% － － － －

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 ー ー ー ー － － May 15, 2024 J-GAAP
Apr - Sep, 2024 Results 36,156 -222 -226 -406 -47.2 0 Nov 12, 2024 J-GAAP
Revision Rate － － － － －

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 39,787 1,443 1,782 1,245 144.9 95 May 15, 2024 J-GAAP
Oct - Mar, 2024 Guidance 41,344 1,222 1,226 806 93.7 － Nov 12, 2024 J-GAAP
YoY +3.9% -15.3% -31.2% -35.3% -35.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 87,771 5,045 5,639 3,672 427.3 85 May 11, 2023 J-GAAP
Mar, 2024 80,192 3,255 4,201 2,782 323.7 95 May 15, 2024 J-GAAP
Mar, 2025 Guidance 77,500 1,000 1,000 400 46.5 － May 15, 2024 J-GAAP
YoY -3.4% -69.3% -76.2% -85.6% -85.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 20,999 1,034 1,212 760 88.5 4.9 Nov 9, 2023 J-GAAP
Oct - Dec, 2023 19,529 958 948 580 67.5 4.9 Feb 14, 2024 J-GAAP
Jan - Mar, 2024 20,258 485 834 665 77.4 2.4 May 15, 2024 J-GAAP
Apr - Jun, 2024 17,602 -555 -227 -283 -33.0 -3.2 Aug 7, 2024 J-GAAP
Jul - Sep, 2024 18,554 333 1 -123 -14.3 1.8 Nov 12, 2024 J-GAAP
YoY -11.6% -67.8% -99.9% － －

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