MAX CO., LTD., First Half Ordinary Profit Decreases by 4%, July-September Ordinary Profit Decreases by 20%

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Thu Oct 31, 2024 3:00 pm JST Earnings

6454 MAX CO., LTD. 【J-GAAP】

Earnings Report

MAX CO., LTD. <6454> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 3.8% from the same period last year to 7.15 billion yen. However, The progress rate against the 13.7 billion yen full-year plan was 52.0%, almost the same as the five-year average of 50.0%.

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 grow by 4.9% from the same period last year, reaching 6.59 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.57 billion yen, a 20.4% decrease compared to the same period last year. However, the operating profit margin rose from 14.5% in the same period last year to 15.4%.

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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	41,963	4,436	5,723	4,129	87.3	54.5	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	42,920	6,649	7,436	5,587	118.5	54.2	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	44,881	7,416	7,150	5,453	117.2	52.0	Oct 31, 2024	J-GAAP
YoY	+4.6%	+11.5%	-3.8%	-2.4%	-1.1%

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	45,000	7,200	7,340	5,600	120.4	－	Jul 31, 2024	J-GAAP
Apr - Sep, 2024 Results	44,881	7,416	7,150	5,453	117.2	－	Oct 31, 2024	J-GAAP
Revision Rate	-0.3%	+3.0%	-2.6%	-2.6%	-2.6%

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	43,718	5,952	6,281	4,848	103.4	101	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	45,419	6,184	6,590	4,907	105.5	108	Oct 31, 2024	J-GAAP
YoY	+3.9%	+3.9%	+4.9%	+1.2%	+2.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	84,316	9,926	10,510	7,619	161.1	78	Apr 28, 2023	J-GAAP
Mar, 2024	86,638	12,601	13,717	10,435	222.6	101	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	90,300	13,600	13,740	10,360	222.7	108	Jul 31, 2024	J-GAAP
YoY	+4.2%	+7.9%	+0.2%	-0.7%	+0.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	21,720	3,139	3,240	2,669	56.6	14.5	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	22,412	3,230	3,027	2,402	51.1	14.4	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	21,306	2,722	3,254	2,446	52.2	12.8	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	22,588	3,988	4,572	3,340	71.8	17.7	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	22,293	3,428	2,578	2,113	45.4	15.4	Oct 31, 2024	J-GAAP
YoY	+2.6%	+9.2%	-20.4%	-20.8%	-19.8%