MARUBUN CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 7% Increase

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Thu Oct 31, 2024 4:00 pm JST Earnings

7537 MARUBUN CORPORATION 【J-GAAP】

Earnings Report

MARUBUN CORPORATION <7537> [TSE-P] announced its financial results after the market closed on October 31st (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 3.12 billion yen, an increase of 50.2% compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 49.5% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 20.0%, from the previous forecast of 5 billion yen to 6 billion yen (compared to 5.62 billion yen in the previous period), turning to a 6.6% increase in the consolidated ordinary profit outlook.

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 decrease by 18.9% from the same period last year to 2.87 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 17.3% from the same period last year, reaching 2.55 billion yen. However, the operating profit margin drastically worsened from 6.7% in the same period last year to 3.6%.

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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	101,022	5,267	1,135	469	18.0	14.4	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	123,729	7,342	2,080	1,137	43.5	37.0	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	98,583	4,372	3,125	2,143	81.9	52.1	Oct 31, 2024	J-GAAP
YoY	-20.3%	-40.5%	+50.2%	+88.5%	+88.3%

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	99,000	2,800	1,050	545	20.8	25	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	98,583	4,372	3,125	2,143	81.9	25	Oct 31, 2024	J-GAAP
Revision Rate	-0.4%	+56.1%	+197.6%	+293.2%	+293.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	212,000	8,600	5,000	3,000	114.6	52	May 10, 2024	J-GAAP
Mar, 2025 New	210,000	9,050	6,000	4,150	158.6	52	Oct 31, 2024	J-GAAP
Revision Rate	-0.9%	+5.2%	+20.0%	+38.3%	+38.3%

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	112,761	5,642	3,547	2,264	86.6	27	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	111,417	4,678	2,875	2,007	76.7	27	Oct 31, 2024	J-GAAP
YoY	-1.2%	-17.1%	-18.9%	-11.4%	-11.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	226,171	10,997	7,909	5,201	199.0	80	May 12, 2023	J-GAAP
Mar, 2024	236,490	12,984	5,627	3,401	130.1	52	May 10, 2024	J-GAAP
Mar, 2025 Guidance	210,000	9,050	6,000	4,150	158.6	52	Oct 31, 2024	J-GAAP
YoY	-11.2%	-30.3%	+6.6%	+22.0%	+21.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	63,315	4,211	2,177	1,467	56.1	6.7	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	55,785	2,845	3,141	2,168	82.9	5.1	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	56,976	2,797	406	96	3.7	4.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	50,788	2,648	572	429	16.4	5.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	47,795	1,724	2,553	1,714	65.5	3.6	Oct 31, 2024	J-GAAP
YoY	-24.5%	-59.1%	+17.3%	+16.8%	+16.7%