MEIJI ELECTRIC INDUSTRIES CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 3% Decrease

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Thu Oct 31, 2024 3:00 pm JST Earnings

3388 MEIJI ELECTRIC INDUSTRIES CO., LTD. 【J-GAAP】

Earnings Report

MEIJI ELECTRIC INDUSTRIES CO., LTD. <3388> [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) dropped by 31.9% from the same period last year to 927 million yen, resulting in a decrease in profits compared to the previous forecast of a 12.3% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 7.7%, from the previous forecast of 3.49 billion yen to 3.22 billion yen (compared to 3.33 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 3.4% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 16.4% from the same period last year, reaching 2.29 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 738 million yen, a 12.9% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 4.2% in the same period last year to 4.1%.

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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	30,541	586	808	574	45.4	26.5	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	33,969	1,100	1,362	964	76.2	40.9	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	34,173	828	927	637	50.1	28.8	Oct 31, 2024	J-GAAP
YoY	+0.6%	-24.7%	-31.9%	-33.9%	-34.2%

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	37,400	1,400	1,530	1,140	89.5	30	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	34,173	828	927	637	50.1	30	Oct 31, 2024	J-GAAP
Revision Rate	-8.6%	-40.9%	-39.4%	-44.1%	-44.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	78,500	3,250	3,490	2,510	197.1	60	May 14, 2024	J-GAAP
Mar, 2025 New	77,500	3,010	3,220	2,240	175.9	60	Oct 31, 2024	J-GAAP
Revision Rate	-1.3%	-7.4%	-7.7%	-10.8%	-10.8%

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	40,611	1,814	1,970	1,462	115.4	38	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	43,327	2,182	2,293	1,603	125.9	30	Oct 31, 2024	J-GAAP
YoY	+6.7%	+20.3%	+16.4%	+9.6%	+9.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	70,947	2,724	3,050	2,191	173.2	52	May 15, 2023	J-GAAP
Mar, 2024	74,580	2,914	3,332	2,426	191.5	58	May 14, 2024	J-GAAP
Mar, 2025 Guidance	77,500	3,010	3,220	2,240	175.9	60	Oct 31, 2024	J-GAAP
YoY	+3.9%	+3.3%	-3.4%	-7.7%	-8.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	18,201	771	847	600	47.4	4.2	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	18,406	693	717	518	40.9	3.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	22,205	1,121	1,253	944	74.5	5.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	15,148	45	189	133	10.5	0.3	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	19,025	783	738	504	39.6	4.1	Oct 31, 2024	J-GAAP
YoY	+4.5%	+1.6%	-12.9%	-16.0%	-16.4%