NOK : Notice of Revisions to Consolidated Financial Forecasts for the first six months and the full year of FY202
August 02, 2023 at 11:41 am IST
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August 2, 2023
Company name:
NOK CORPORATION
Representative:
Masao Tsuru
Representative Director, CEO
Securities code:
7240
Contact person:
Kiyoshi Igarashi
Manager, IR Department
(TEL: +81-3-5405-6372)
Notice of Revisions to Consolidated Financial Forecasts for the first six months and the full year of FY2023
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, 2024 (FY2023) announced on May 10, 2023 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, 2024 disclosed today.
1. Revisions to the forecasts
Consolidated financial forecasts for the first six months of FY2023 (April 1, 2023 to September 30, 2023)
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)
353,800
5,100
9,000
1,900
10.92
Revised forecasts (B)
341,000
2,400
8,800
2,300
13.57
Change (B-A)
(12,800)
(2,700)
(200)
400
Rate of change (%)
(3.6)
(52.9)
(2.2)
21.1
(Reference) Results for the six
352,769
6,117
16,561
10,185
59.02
months of FY2022
Consolidated financial forecasts for the full year of FY2023 (April 1, 2023 to March 31, 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)
748,000
26,200
34,300
18,400
106.95
Revised forecasts (B)
735,200
23,500
34,200
18,800
110.92
Change (B-A)
(12,800)
(2,700)
(100)
400
Rate of change (%)
(1.7)
(10.3)
(0.3)
2.2
(Reference) Results for
the
709,956
15,378
26,557
13,320
77.55
full year of FY2022
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2. Reasons for the revision
With regard to the forecasts for the first six months of the fiscal year ending March 2024, while automobile production volume is steadily recovering reflecting gradual recovery from the supply shortage of semiconductors and other components, in the seal business, sales for automobile applications and general industrial machinery applications in the Chinese and ASEAN market are anticipated to be lower than our expectation. In the electronic product business, although we expected demand recovery in hard disk drives, sales in the area were below our anticipation. In addition to that, sales growth for automobile applications where we expect as a growth driver was weaker than the forecast.
Based on the recent business circumstances and the consolidated financial results for the first three months, we expect sales would be lower than the previously announced forecast. Operating income is also anticipated to be below the previous forecast due to the lower sales.
With regard to the full-year forecasts for the fiscal year ending March 2024, we just reflected the revisions to the forecasts for the first six months as above and left the forecasts for the second half of the fiscal year unchanged because of the uncertainty in the business outlook.
*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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Nok Corporation published this content on 02 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 06:10:25 UTC.
NOK Corp is a company principally involved in the manufacture and sale of sealing materials and flexible circuit boards. The Company operates in four business segments. The Seal segment manufactures and sells seal products mainly for the automobile industry, construction machinery industry, and general industrial machinery industry. The Electronic Component segment manufactures and sells electronic parts and others for the electronic equipment industry. The Roll segment manufactures and sells products for the office machine industry. The Others segment manufactures and sells special lubricants.