Aucnet (3964) Q2 2024 earnings summary

Executive summary

• H1 FY2024 net sales rose 21.2% YoY to ¥26,571 million, while operating profit fell 3.8% to ¥3,855 million amid acquisition-related costs and group-wide investment.

• Growth in Lifestyle Product and Mobility & Energy lifted sales; Lifestyle Product profit declined while Mobility & Energy profit increased.

Financial highlights

• H1 ordinary profit declined 2.6% YoY to ¥3,987.9 million; profit attributable to owners of parent fell 2.6% to ¥2,551.0 million.

• Q2 standalone net sales rose 39.1% YoY to ¥15,582 million; operating profit was ¥1,810 million (-2.7%) and profit attributable to owners of parent was ¥1,158 million (-5.7%).

• Gross profit was ¥15,349.6 million versus ¥12,388.7 million; SG&A rose to ¥11,221.6 million from ¥9,543.0 million.

• H1 basic EPS was ¥107.51 versus ¥100.44; comprehensive income was ¥2,795.0 million versus ¥2,718.5 million.

Outlook and guidance

• FY2024 net sales forecast increased to ¥58,000 million from ¥48,000 million; operating profit forecast remained ¥7,000 million.

• Revised FY2024 ordinary profit forecast is ¥7,090 million, profit attributable to owners of parent ¥4,508 million, and basic EPS ¥189.76.

• Forecast operating margin was revised to 12.1% from 14.6%; dividend guidance remains ¥57 per share, including ¥28 interim and ¥29 year-end.

• Forecast includes Defactostandard and JOYLAB results, goodwill write-off and acquisition-related costs; consolidation covers April 1 to December 31, 2024.