Mitsui High-tec, Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 33%

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Tue Sep 10, 2024 3:30 pm JST Earnings

6966 Mitsui High-tec, Inc. 【J-GAAP】

Earnings Report

Mitsui High-tec, Inc. <6966> [TSE-P] announced its financial results after the market closed on September 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending January 2025 (February to July) decreased by 12.2% from the same period last year to 9.43 billion yen.

The full-year consolidated ordinary profit has downwardly by 32.5%, from the previous forecast of 20 billion yen to 13.5 billion yen (compared to 21.7 billion yen in the previous period), leading to an increase in the profit decline rate from 8.0% to 37.9%..

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the August to January period (second half) is expected to significant drop by 63.0% from the same period last year to 4.06 billion yen.

In the most recent three-month period, from May to July (2Q), the consolidated ordinary profit significantly dropped to 2.96 billion yen, a 52.1% decrease compared to the same period last year. The operating profit margin worsened from 9.5% in the same period last year to 7.2%.

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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
Feb - Jul, 2022	85,461	12,864	14,324	11,037	60.4	63.2	Sep 13, 2022	J-GAAP
Feb - Jul, 2023	93,614	8,428	10,739	7,707	42.2	49.4	Sep 12, 2023	J-GAAP
Feb - Jul, 2024	103,969	7,850	9,431	7,075	38.7	69.9	Sep 10, 2024	J-GAAP
YoY	+11.1%	-6.9%	-12.2%	-8.2%	-8.2%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb - Jul, 2024 Guidance	ー	ー	ー	ー	－	5.60	Mar 12, 2024	J-GAAP
Feb - Jul, 2024 Results	103,969	7,850	9,431	7,075	38.7	5.60	Sep 10, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2025 Prev	237,000	21,000	20,000	14,000	76.6	17.60	Jun 14, 2024	J-GAAP
Jan, 2025 New	214,000	13,000	13,500	9,500	52.0	17.60	Sep 10, 2024	J-GAAP
Revision Rate	-9.7%	-38.1%	-32.5%	-32.1%	-32.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2023	102,267	9,691	10,994	7,838	42.9	9.60	Mar 12, 2024	J-GAAP
Aug - Jan, 2024 Guidance	110,031	5,150	4,069	2,425	13.3	12	Sep 10, 2024	J-GAAP
YoY	+7.6%	-46.9%	-63.0%	-69.1%	-69.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2023	174,615	22,586	22,669	17,581	96.2	13	Mar 14, 2023	J-GAAP
Jan, 2024	195,881	18,119	21,733	15,545	85.1	14.40	Mar 12, 2024	J-GAAP
Jan, 2025 Guidance	214,000	13,000	13,500	9,500	52.0	17.60	Sep 10, 2024	J-GAAP
YoY	+9.3%	-28.3%	-37.9%	-38.9%	-38.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	48,349	4,605	6,202	4,494	24.6	9.5	Sep 12, 2023	J-GAAP
Aug - Oct, 2023	50,464	4,648	6,010	4,058	22.2	9.2	Dec 13, 2023	J-GAAP
Nov - Jan, 2023	51,803	5,043	4,984	3,780	20.7	9.7	Mar 12, 2024	J-GAAP
Feb - Apr, 2024	50,431	3,971	6,462	4,777	26.1	7.9	Jun 14, 2024	J-GAAP
May - Jul, 2024	53,538	3,879	2,969	2,298	12.6	7.2	Sep 10, 2024	J-GAAP
YoY	+10.7%	-15.8%	-52.1%	-48.9%	-48.8%