Makita Corporation, The Current Fiscal Year Net Income Revised Upward by 20%

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Wed Oct 30, 2024 3:40 pm JST Earnings

6586 Makita Corporation 【IFRS】

Earnings Report

Makita Corporation <6586> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 30th (15:40). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 38.2 billion yen, an increase of 83.5% compared to the same period last year.

In addition, the full-year consolidated net income has been revised upward by 19.6%, from the previous forecast of 51 billion yen to 61 billion yen (compared to 43.6 billion yen in the previous period), increasing the growth rate from 16.7% to 39.6%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to nearly flat at 22.8 billion yen, down 0.3% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated net income surged to 2.3 times that of the same period last year, reaching 22.1 billion yen. The operating profit margin drastically improved from 8.3% in the same period last year to 15.6%.

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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
Apr - Sep, 2022	391,318	21,919	18,237	11,078	40.8	76.3	Oct 28, 2022	IFRS
Apr - Sep, 2023	369,667	31,760	30,036	20,816	77.1	46.9	Oct 31, 2023	IFRS
Apr - Sep, 2024	386,443	51,415	51,323	38,200	142.0	61.1	Oct 30, 2024	IFRS
YoY	+4.5%	+61.9%	+70.9%	+83.5%	+84.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	20	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	386,443	51,415	51,323	38,200	142.0	20	Oct 30, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	710,000	75,000	74,000	51,000	189.6	－	Apr 26, 2024	IFRS
Mar, 2025 New	730,000	85,000	84,000	61,000	226.7	－	Oct 30, 2024	IFRS
Revision Rate	+2.8%	+13.3%	+13.5%	+19.6%	+19.6%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	371,724	34,409	33,981	22,875	84.9	47	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	343,557	33,585	32,677	22,800	84.8	－	Oct 30, 2024	IFRS
YoY	-7.6%	-2.4%	-3.8%	-0.3%	-0.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	764,702	28,246	23,887	11,705	43.1	21	Apr 27, 2023	IFRS
Mar, 2024	741,391	66,169	64,017	43,691	162.1	57	Apr 26, 2024	IFRS
Mar, 2025 Guidance	730,000	85,000	84,000	61,000	226.7	－	Oct 30, 2024	IFRS
YoY	-1.5%	+28.5%	+31.2%	+39.6%	+39.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	185,212	15,449	13,991	9,631	35.7	8.3	Oct 31, 2023	IFRS
Oct - Dec, 2023	180,947	16,289	16,077	11,821	43.8	9.0	Jan 31, 2024	IFRS
Jan - Mar, 2024	190,777	18,120	17,904	11,054	41.0	9.5	Apr 26, 2024	IFRS
Apr - Jun, 2024	193,932	21,344	21,338	16,010	59.5	11.0	Jul 30, 2024	IFRS
Jul - Sep, 2024	192,511	30,071	29,985	22,190	82.5	15.6	Oct 30, 2024	IFRS
YoY	+3.9%	+94.6%	+114.3%	+130.4%	+131.2%