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Misawa & Co.,Ltd., First Half Ordinary Profit Turns to Profit, Exceeds Expectations

Fri Sep 13, 2024 4:00 pm JST Earnings

3169 Misawa & Co.,Ltd. 【J-GAAP】

Earnings Report

Misawa & Co.,Ltd. <3169> [TSE-S] announced its financial results after the market closed on September 13th (16:00). The ordinary profit/loss (non-consolidated) for the cumulative second quarter of the fiscal year ending January 2025 (February to July) turned into a profit of 59 million yen (compared to a loss of 3 million yen in the same period last year), reversing from the forecast of a loss of 34 million yen to a profit.

However, This progress accounts for 31.2% of the full-year plan of 189 million yen, also falling below the five-year average of 59.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the August to January period (second half) is expected to surge by 2.5 times that of the same period last year, reaching 130 million yen.

In the most recent three-month period, from May to July (2Q), the ordinary loss improved to a deficit of loss of 31 million yen (compared to a loss of 76 million yen in the same period last year). The operating profit/loss margin improved from -2.7% in the same period last year to -1.0%.

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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 6,158 354 339 217 30.6 64.3 Sep 14, 2022 J-GAAP
Feb - Jul, 2023 6,002 2 -3 -9 -1.4 ー Sep 14, 2023 J-GAAP
Feb - Jul, 2024 6,308 67 59 26 3.7 31.2 Sep 13, 2024 J-GAAP
YoY +5.1% +3,250.0% － － －

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 6,563 -28 -34 -23 -3.2 0 Mar 15, 2024 J-GAAP
Feb - Jul, 2024 Results 6,308 67 59 26 3.7 0 Sep 13, 2024 J-GAAP
Revision Rate -3.9% － － － －

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 6,083 62 51 21 3.0 8 Mar 15, 2024 J-GAAP
Aug - Jan, 2024 Guidance 6,997 134 130 102 14.4 8 Sep 13, 2024 J-GAAP
YoY +15.0% +116.1% +154.9% +385.7% +376.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jan, 2023 12,198 534 527 341 48.0 10 Mar 17, 2023 J-GAAP
Jan, 2024 12,085 64 48 12 1.7 8 Mar 15, 2024 J-GAAP
Jan, 2025 Guidance 13,305 201 189 128 18.1 8 Mar 15, 2024 J-GAAP
YoY +10.1% +214.1% +293.8% +966.7% +946.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
May - Jul, 2023 2,804 -76 -76 -56 -8.7 -2.7 Sep 14, 2023 J-GAAP
Aug - Oct, 2023 2,941 -36 -48 -41 -5.8 -1.2 Dec 15, 2023 J-GAAP
Nov - Jan, 2023 3,142 98 99 62 8.9 3.1 Mar 15, 2024 J-GAAP
Feb - Apr, 2024 3,301 97 90 55 7.9 2.9 Jun 14, 2024 J-GAAP
May - Jul, 2024 3,007 -30 -31 -29 -4.1 -1.0 Sep 13, 2024 J-GAAP
YoY +7.2% +60.5% +59.2% +48.2% +52.9%

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