Mitsubishi Heavy Industries,Ltd., First Half Net Income Increases by 17%, July-September Net Income Increases by 16%

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Tue Nov 5, 2024 1:30 pm JST Earnings

7011 Mitsubishi Heavy Industries,Ltd. 【IFRS】

Earnings Report

Mitsubishi Heavy Industries,Ltd. <7011> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on November 5th (13:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 16.5% from the same period last year, reaching 107 billion yen. The progress rate against the 230 billion yen full-year plan was 46.6%, exceeding the five-year average of 31.8%.

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 decrease by 5.5% from the same period last year to 122 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 15.7% from the same period last year, reaching 44.8 billion yen.

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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	1,875,267	ー	91,391	54,132	16.1	47.8	Nov 1, 2022	IFRS
Apr - Sep, 2023	2,069,272	ー	133,714	91,944	27.4	42.4	Nov 6, 2023	IFRS
Apr - Sep, 2024	2,298,113	ー	168,279	107,120	31.9	51.0	Nov 5, 2024	IFRS
YoY	+11.1%	－	+25.8%	+16.5%	+16.4%

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	－	11	May 8, 2024	IFRS
Apr - Sep, 2024 Results	2,298,113	ー	168,279	107,120	31.9	11	Nov 5, 2024	IFRS
Revision Rate	－	－	－	－	－

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	2,587,875	ー	181,473	130,079	38.7	12	May 8, 2024	IFRS
Oct - Mar, 2024 Guidance	2,601,887	ー	161,721	122,880	36.5	11	Nov 5, 2024	IFRS
YoY	+0.5%	－	-10.9%	-5.5%	-5.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	4,202,797	ー	191,126	130,451	38.8	13	May 10, 2023	IFRS
Mar, 2024	4,657,147	ー	315,187	222,023	66.1	20	May 8, 2024	IFRS
Mar, 2025 Guidance	4,900,000	ー	330,000	230,000	68.4	22	May 8, 2024	IFRS
YoY	+5.2%	－	+4.7%	+3.6%	+3.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,085,292	ー	58,013	38,757	11.5	0.0	Nov 6, 2023	IFRS
Oct - Dec, 2023	1,191,395	ー	73,885	46,106	13.7	0.0	Feb 6, 2024	IFRS
Jan - Mar, 2024	1,396,480	ー	107,588	83,973	25.0	0.0	May 8, 2024	IFRS
Apr - Jun, 2024	1,111,555	ー	101,306	62,286	18.5	0.0	Aug 6, 2024	IFRS
Jul - Sep, 2024	1,186,558	ー	66,973	44,834	13.3	0.0	Nov 5, 2024	IFRS
YoY	+9.3%	－	+15.4%	+15.7%	+15.5%