Prima Meat Packers, Ltd., First Half Ordinary Profit Revised Downward to an Unexpected 8%Decrease

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Tue Nov 5, 2024 3:30 pm JST Earnings

2281 Prima Meat Packers, Ltd. 【J-GAAP】

Earnings Report

Prima Meat Packers, Ltd. <2281> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 8.3% from the same period last year to 6.81 billion yen, resulting in a decrease in profits compared to the previous forecast of a 19.8% increase.

The progress rate against the 17 billion yen full-year plan was 40.1%, also falling below the five-year average of 54.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to expand by 86.7% from the same period last year, reaching 10.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3.16 billion yen, a 10.0% decrease compared to the same period last year. The operating profit margin worsened from 2.8% in the same period last year to 2.4%.

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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	211,714	5,471	5,830	3,689	73.4	55.5	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	222,735	6,829	7,427	3,861	76.9	57.6	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	229,441	6,185	6,812	4,258	84.7	40.1	Nov 5, 2024	J-GAAP
YoY	+3.0%	-9.4%	-8.3%	+10.3%	+10.3%

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	235,000	8,500	8,900	5,100	101.5	40	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	229,441	6,185	6,812	4,258	84.7	40	Nov 5, 2024	J-GAAP
Revision Rate	-2.4%	-27.2%	-23.5%	-16.5%	-16.5%

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	225,694	4,991	5,457	3,628	72.2	45	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	240,559	9,815	10,188	5,742	114.2	40	Nov 5, 2024	J-GAAP
YoY	+6.6%	+96.7%	+86.7%	+58.3%	+58.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	430,740	9,725	10,510	4,505	89.7	65	May 8, 2023	J-GAAP
Mar, 2024	448,429	11,820	12,884	7,489	149.0	65	May 7, 2024	J-GAAP
Mar, 2025 Guidance	470,000	16,000	17,000	10,000	199.0	80	May 7, 2024	J-GAAP
YoY	+4.8%	+35.4%	+31.9%	+33.5%	+33.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	113,452	3,222	3,512	1,643	32.7	2.8	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	119,832	3,562	3,753	2,341	46.6	3.0	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	105,862	1,429	1,704	1,287	25.6	1.3	May 7, 2024	J-GAAP
Apr - Jun, 2024	112,891	3,346	3,651	2,204	43.9	3.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	116,550	2,839	3,161	2,054	40.9	2.4	Nov 5, 2024	J-GAAP
YoY	+2.7%	-11.9%	-10.0%	+25.0%	+25.0%