MINEBEA MITSUMI Inc., The Current Fiscal Year Net Income Revised Downward by 10%

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Wed Nov 6, 2024 3:30 pm JST Earnings

6479 MINEBEA MITSUMI Inc. 【IFRS】

Earnings Report

MINEBEA MITSUMI Inc. <6479> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 6th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 27.1% from the same period last year, reaching 26 billion yen.

However, the full-year consolidated net income has downwardly by 9.6%, from the previous forecast of 73 billion yen to 66 billion yen (compared to 54 billion yen in the previous period), leading to a reduction in the profit growth rate from 35.1% to 22.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 19.1% from the same period last year, reaching 39.9 billion yen.

At the same time, the annual dividend remains undecided.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 12.1 billion yen, a 26.1% decrease compared to the same period last year. However, the operating profit margin improved from 5.7% in the same period last year to 6.7%.

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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	581,061	40,586	42,395	30,756	75.1	46.0	Nov 2, 2022	IFRS
Apr - Sep, 2023	672,117	28,490	31,529	20,496	50.3	41.7	Nov 2, 2023	IFRS
Apr - Sep, 2024	778,237	48,171	37,387	26,048	64.5	ー	Nov 6, 2024	IFRS
YoY	+15.8%	+69.1%	+18.6%	+27.1%	+28.3%

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	770,000	48,000	ー	34,000	84.1	－	Aug 2, 2024	IFRS
Apr - Sep, 2024 Results	778,237	48,171	37,387	26,048	64.5	20	Nov 6, 2024	IFRS
Revision Rate	+1.1%	+0.4%	－	-23.4%	-23.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,560,000	103,000	ー	73,000	181.8	－	Aug 2, 2024	IFRS
Mar, 2025 New	1,560,000	103,000	ー	66,000	164.4	－	Nov 6, 2024	IFRS
Revision Rate	0.0%	0.0%	－	-9.6%	-9.6%

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	730,010	45,046	44,016	33,539	82.6	20	May 10, 2024	IFRS
Oct - Mar, 2024 Guidance	781,763	54,829	ー	39,952	99.5	－	Nov 6, 2024	IFRS
YoY	+7.1%	+21.7%	－	+19.1%	+20.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,292,203	97,530	92,128	73,152	178.2	40	May 11, 2023	IFRS
Mar, 2024	1,402,127	73,536	75,545	54,035	133.1	40	May 10, 2024	IFRS
Mar, 2025 Guidance	1,560,000	103,000	ー	66,000	164.4	－	Nov 6, 2024	IFRS
YoY	+11.3%	+40.1%	－	+22.1%	+23.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	379,747	21,747	23,027	16,387	40.2	5.7	Nov 2, 2023	IFRS
Oct - Dec, 2023	381,207	22,763	19,473	13,904	34.2	6.0	Feb 2, 2024	IFRS
Jan - Mar, 2024	348,803	22,283	24,543	19,635	48.4	6.4	May 10, 2024	IFRS
Apr - Jun, 2024	355,454	20,025	19,357	13,936	34.5	5.6	Aug 2, 2024	IFRS
Jul - Sep, 2024	422,783	28,146	18,030	12,112	30.0	6.7	Nov 6, 2024	IFRS
YoY	+11.3%	+29.4%	-21.7%	-26.1%	-25.4%