August 2, 2024
Company name: | NOK CORPORATION |
Representative: | Masao Tsuru |
Representative Director, Group CEO | |
Securities code: | 7240 |
Contact person: | Kiyoshi Igarashi |
Head, Investor Relations | |
(TEL: +81-3-5405-6372) |
Revisions to Consolidated Financial Forecasts for the first six months and the full year of FY2024
NOK Corporation has made the following revisions to the consolidated financial forecasts for the first six months and the full year of the fiscal year ending March 31, 2025 (FY2024) announced on May 13, 2024 based on the recent business environment as well as the consolidated financial results for the first three months of the fiscal year ending March 31, 2025 disclosed today.
1. Revisions to the forecasts
Consolidated financial forecasts for the first six months of FY2024 (April 1, 2024 to September 30, 2024)
Net sales | Operating | Ordinary income | Profit attributable | Earnings |
income | to owners of parent | per share | ||
Previously announced | Million yen | Million yen | Million yen | Million yen | Yen |
forecasts (A) | 364,600 | 9,500 | 13,400 | 8,000 | 48.61 |
Revised forecasts (B) | 387,600 | 14,200 | 20,300 | 12,500 | 75.94 |
Change (B-A) | 23,000 | 4,700 | 6,900 | 4,500 | |
Rate of change (%) | 6.3 | 49.5 | 51.5 | 56.3 | |
(Reference) Results for the six | 354,239 | 4,863 | 16,389 | 12,181 | 71.84 |
months of FY2023 | |||||
Consolidated financial forecasts for the full year of FY2024 (April 1, 2024 to March 31, 2025)
Net sales | Operating | Ordinary income | Profit attributable | Earnings |
income | to owners of parent | per share | ||
Previously announced | Million yen | Million yen | Million yen | Million yen | Yen | |
forecasts (A) | 708,300 | 21,800 | 30,000 | 17,700 | 107.55 | |
Revised forecasts (B) | 744,700 | 28,000 | 38,100 | 23,200 | 140.95 | |
Change (B-A) | 36,400 | 6,200 | 8,100 | 5,500 | ||
Rate of change (%) | 5.1 | 28.4 | 27.0 | 31.1 | ||
(Reference) Results for | the | 750,502 | 22,912 | 40,285 | 31,602 | 188.34 |
full year of FY2023 | ||||||
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2. Reasons for the revision
The Company updated its business outlook based on the recent business circumstances and the business results for the first three months of the current fiscal year. In addition, it has changed foreign exchange rate assumptions for the remaining period of the fiscal year after July 1, 2024 (Previous assumption: 140JPY/USD, Revised assumption: 150JPY/USD).
In the seal business, sales are anticipated to be lower than the previous forecasts mainly because of lower automobile production volume in each region; Japan, China and ASEAN, compared to the initial assumptions. However, the Company expects higher net sales and operating income than the previous forecasts thanks to initiatives with which the Company pursue raising prices to improve profitability and lower expenses than the previous forecasts, and in addition, impact of changes in foreign exchange rate assumptions.
In the electronic product business, mainly sales for HDD application are expected to be higher than the previous forecasts. Additionally, changes in foreign exchange rate assumptions also contributed to the higher net sales and operating income forecasts.
As a result of these updates, consolidated net sales and operating income are expected to be higher than previous forecasts.
Non-operating profit/loss, net would improve due to such as higher equity method income. Consequently, ordinary income and net income are also expected to exceed the previous forecasts.
*Any forward-looking statements on business result projections stated in this material are based on information currently available to NOK Corporation and certain assumptions which NOK Corporation deems reasonable, and are not meant to promise the achievement of such projections. Furthermore, actual financial results may differ significantly due to various factors.
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