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

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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%