Nagoya Railroad, The Current Fiscal Year Ordinary Profit Revised Upward by 7%, Dividend Revised Upward by 7.5 yen

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Thu Feb 13, 2025 3:00 pm JST Earnings

9048 Nagoya Railroad Co., Ltd. 【J-GAAP】

Earnings Report

Nagoya Railroad Co., Ltd. <9048> [TSE Prime] announced its financial results in the afternoon session on February 13th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 43.6 billion yen, an increase 32.7% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward 6.5%, from the previous forecast of 46 billion yen to 49 billion yen (compared to 37.5 billion yen in the previous period), increasing the growth rate from 22.5% to 30.5%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) is expected to increase 17.1%, from the previous forecast of 17.5 billion yen to 20.5 billion yen (compared to 20.2 billion yen in the same period of the previous year), turning to a 1.7% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 30 yen to 37.5 yen (compared to 27.5 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit amounted to 15.2 billion yen, a 2.3% decrease compared to the same period last year. The operating profit margin worsened from 8.9% in the same period last year to 8.5%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	406,668	20,806	23,358	15,900	80.9	88.6	Feb 10, 2023	J-GAAP
Apr - Dec, 2023	443,483	30,120	32,904	21,531	109.5	87.6	Feb 13, 2024	J-GAAP
Apr - Dec, 2024	507,793	38,890	43,656	32,936	167.6	89.1	Feb 13, 2025	J-GAAP
YoY	+14.5%	+29.1%	+32.7%	+53.0%	+53.0%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	351,482	16,832	17,589	7,412	37.8	30	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	360,482	19,832	20,589	13,412	68.4	37.50	Feb 13, 2025	J-GAAP
Revision Rate	+2.6%	+17.8%	+17.1%	+80.9%	+81.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	686,000	41,000	46,000	29,000	147.9	30	Nov 8, 2024	J-GAAP
Mar, 2025 New	695,000	44,000	49,000	35,000	178.5	37.50	Feb 13, 2025	J-GAAP
Revision Rate	+1.3%	+7.3%	+6.5%	+20.7%	+20.7%

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	317,393	18,850	20,251	14,420	73.4	27.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	360,482	19,832	20,589	13,412	68.4	37.50	Feb 13, 2025	J-GAAP
YoY	+13.6%	+5.2%	+1.7%	-7.0%	-6.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	551,504	22,731	26,362	18,850	95.9	20	May 11, 2023	J-GAAP
Mar, 2024	601,121	34,750	37,544	24,400	124.1	27.50	May 10, 2024	J-GAAP
Mar, 2025 Guidance	695,000	44,000	49,000	35,000	178.5	37.50	Feb 13, 2025	J-GAAP
YoY	+15.6%	+26.6%	+30.5%	+43.4%	+43.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	159,755	14,220	15,611	11,551	58.8	8.9	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	157,638	4,630	4,640	2,869	14.6	2.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	166,157	11,673	12,762	10,497	53.4	7.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	168,361	12,495	15,649	11,091	56.4	7.4	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	173,275	14,722	15,245	11,348	57.8	8.5	Feb 13, 2025	J-GAAP
YoY	+8.5%	+3.5%	-2.3%	-1.8%	-1.7%