Mitsubishi Electric Corporation, July-September (2Q) Net Income Increases by 11%, The Undetermined Dividend Set at 50 yen

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Thu Oct 31, 2024 3:30 pm JST Earnings

6503 Mitsubishi Electric Corporation 【IFRS】

Earnings Report

Mitsubishi Electric Corporation <6503> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 31st (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 118 billion yen, a 1.3% decrease compared to the same period last year. The progress rate against the 315 billion yen full-year plan was 37.7%, almost the same as the five-year average of 39.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 19.2% from the same period last year, reaching 196 billion yen.

At the same time, the company has decided to implement a annual dividend of 50 yen for the current fiscal year, which was previously undecided (compared to 50 yen in the prior term).

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 11.4% from the same period last year, reaching 69.5 billion yen. The operating profit margin significantly improved from 5.7% in the same period last year to 8.7%.

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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	2,339,567	80,503	103,111	74,825	35.4	35.3	Oct 28, 2022	IFRS
Apr - Sep, 2023	2,538,471	135,839	159,786	120,228	57.1	43.7	Oct 31, 2023	IFRS
Apr - Sep, 2024	2,643,597	176,682	176,744	118,640	56.9	41.1	Oct 31, 2024	IFRS
YoY	+4.1%	+30.1%	+10.6%	-1.3%	-0.4%

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	May 9, 2024	IFRS
Apr - Sep, 2024 Results	2,643,597	176,682	176,744	118,640	56.9	20	Oct 31, 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	5,390,000	400,000	430,000	315,000	151.8	－	Jul 31, 2024	IFRS
Mar, 2025 New	5,390,000	400,000	430,000	315,000	151.8	50	Oct 31, 2024	IFRS
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

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	2,719,443	192,686	206,067	164,721	78.5	30	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	2,746,403	223,318	253,256	196,360	94.6	30	Oct 31, 2024	IFRS
YoY	+1.0%	+15.9%	+22.9%	+19.2%	+20.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	5,003,694	262,352	292,179	213,908	101.3	40	Apr 28, 2023	IFRS
Mar, 2024	5,257,914	328,525	365,853	284,949	135.7	50	Apr 26, 2024	IFRS
Mar, 2025 Guidance	5,390,000	400,000	430,000	315,000	151.8	50	Oct 31, 2024	IFRS
YoY	+2.5%	+21.8%	+17.5%	+10.5%	+11.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,318,171	74,834	82,902	62,394	29.6	5.7	Oct 31, 2023	IFRS
Oct - Dec, 2023	1,243,935	86,494	89,237	65,869	31.3	7.0	Feb 5, 2024	IFRS
Jan - Mar, 2024	1,475,508	106,192	116,830	98,852	47.1	7.2	Apr 26, 2024	IFRS
Apr - Jun, 2024	1,286,484	58,659	76,125	49,138	23.5	4.6	Jul 31, 2024	IFRS
Jul - Sep, 2024	1,357,113	118,023	100,619	69,502	33.3	8.7	Oct 31, 2024	IFRS
YoY	+3.0%	+57.7%	+21.4%	+11.4%	+12.4%