MITSUBISHI PENCIL CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 7% Decrease, Dividend Revised Upward by 2 yen

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Thu Oct 31, 2024 3:00 pm JST Earnings

7976 MITSUBISHI PENCIL CO.,LTD. 【J-GAAP】

Earnings Report

MITSUBISHI PENCIL CO.,LTD. <7976> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) decreased by 8.9% from the same period last year to 8.3 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 7.7%, from the previous forecast of 13 billion yen to 12 billion yen (compared to 12.8 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 6.9% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 15.2%, from the previous forecast of 6.58 billion yen to 5.58 billion yen (compared to 6.35 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 12.1% decrease in profit.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 42 yen to 44 yen (compared to 40 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 1.88 billion yen, a 26.9% decrease compared to the same period last year. The operating profit margin decreased from 14.4% in the same period last year to 12.8%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	50,123	6,464	7,525	5,120	92.5	74.3	Oct 31, 2022	J-GAAP
Jan - Sep, 2023	53,129	8,093	9,112	6,222	114.2	70.7	Oct 26, 2023	J-GAAP
Jan - Sep, 2024	62,912	7,882	8,300	7,679	139.8	69.2	Oct 31, 2024	J-GAAP
YoY	+18.4%	-2.6%	-8.9%	+23.4%	+22.3%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	44,566	7,249	6,581	4,629	83.7	21	Jul 30, 2024	J-GAAP
Jul - Dec, 2024 New	44,566	6,249	5,581	4,129	74.6	23	Oct 31, 2024	J-GAAP
Revision Rate	0.0%	-13.8%	-15.2%	-10.8%	-10.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	87,000	12,500	13,000	11,300	204.3	42	Apr 25, 2024	J-GAAP
Dec, 2024 New	87,000	11,500	12,000	10,800	195.2	44	Oct 31, 2024	J-GAAP
Revision Rate	0.0%	-8.0%	-7.7%	-4.4%	-4.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	38,561	6,193	6,351	5,730	105.3	22	Feb 16, 2024	J-GAAP
Jul - Dec, 2024 Guidance	44,566	6,249	5,581	4,129	74.6	23	Oct 31, 2024	J-GAAP
YoY	+15.6%	+0.9%	-12.1%	-27.9%	-29.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	68,997	9,243	10,128	6,951	125.7	35	Feb 13, 2023	J-GAAP
Dec, 2023	74,801	11,851	12,889	10,166	186.8	40	Feb 16, 2024	J-GAAP
Dec, 2024 Guidance	87,000	11,500	12,000	10,800	195.2	44	Oct 31, 2024	J-GAAP
YoY	+16.3%	-3.0%	-6.9%	+6.2%	+4.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	16,889	2,435	2,574	1,786	32.8	14.4	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	21,672	3,758	3,777	3,944	72.5	17.3	Feb 16, 2024	J-GAAP
Jan - Mar, 2024	20,073	3,065	3,468	2,137	39.3	15.3	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	22,361	2,186	2,951	4,534	83.1	9.8	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	20,478	2,631	1,881	1,008	18.4	12.8	Oct 31, 2024	J-GAAP
YoY	+21.3%	+8.0%	-26.9%	-43.6%	-44.0%