MORY INDUSTRIES INC., First Half Ordinary Profit Decreases by 10%

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Thu Oct 31, 2024 1:30 pm JST Earnings

5464 MORY INDUSTRIES INC. 【J-GAAP】

Earnings Report

MORY INDUSTRIES INC. <5464> [TSE-S] announced its financial results in the afternoon session on October 31st (13:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 10.2% from the same period last year to 2.95 billion yen. However, The progress rate against the 5 billion yen full-year plan was 59.1%, also surpassing the five-year average of 47.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to drop by 34.1% from the same period last year to 2.04 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.39 billion yen, a 10.6% decrease compared to the same period last year. The operating profit margin decreased from 12.5% in the same period last year to 12.3%.

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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	24,011	3,389	3,746	2,614	336.6	52.2	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	23,936	2,973	3,292	2,382	306.9	51.5	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	22,829	2,810	2,957	2,079	268.1	59.1	Oct 31, 2024	J-GAAP
YoY	-4.6%	-5.5%	-10.2%	-12.7%	-12.6%

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	22,000	2,400	2,500	1,700	219.0	80	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	22,829	2,810	2,957	2,079	268.1	80	Oct 31, 2024	J-GAAP
Revision Rate	+3.8%	+17.1%	+18.3%	+22.3%	+22.4%

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	23,962	2,923	3,101	2,137	275.3	150	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	22,171	1,890	2,043	1,421	184.1	100	Oct 31, 2024	J-GAAP
YoY	-7.5%	-35.3%	-34.1%	-33.5%	-33.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	48,712	6,734	7,177	5,290	681.3	180	May 10, 2023	J-GAAP
Mar, 2024	47,898	5,896	6,393	4,519	582.1	230	May 10, 2024	J-GAAP
Mar, 2025 Guidance	45,000	4,700	5,000	3,500	453.5	180	May 10, 2024	J-GAAP
YoY	-6.1%	-20.3%	-21.8%	-22.5%	-22.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	11,883	1,484	1,557	1,155	148.8	12.5	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	12,434	1,627	1,668	1,162	149.7	13.1	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	11,528	1,296	1,433	975	125.6	11.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	11,446	1,410	1,565	1,086	139.9	12.3	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	11,383	1,400	1,392	993	128.1	12.3	Oct 31, 2024	J-GAAP
YoY	-4.2%	-5.7%	-10.6%	-14.0%	-13.9%