MUSASHI SEIMITSU INDUSTRY CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 0.4％ Decrease

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Thu Nov 7, 2024 4:50 pm JST Earnings

7220 MUSASHI SEIMITSU INDUSTRY CO.,LTD. 【J-GAAP】

Earnings Report

MUSASHI SEIMITSU INDUSTRY CO.,LTD. <7220> [TSE-P] announced its financial results after the market closed on November 7th (16:50). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 6.5% from the same period last year to 6.25 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 11.4%, from the previous forecast of 17.5 billion yen to 15.5 billion yen (compared to 15.5 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 0.4% decrease in profit.

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 grow by 4.2% from the same period last year, reaching 9.24 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 1.92 billion yen, a 53.1% decrease compared to the same period last year. The operating profit margin worsened from 5.1% in the same period last year to 4.6%.

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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	141,851	1,457	2,735	406	6.2	38.9	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	169,561	6,708	6,682	3,588	54.9	42.9	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	173,402	7,840	6,251	2,972	45.4	40.3	Nov 7, 2024	J-GAAP
YoY	+2.3%	+16.9%	-6.5%	-17.2%	-17.4%

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	－	25	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	173,402	7,840	6,251	2,972	45.4	25	Nov 7, 2024	J-GAAP
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	340,000	20,500	17,500	11,000	167.9	50	May 13, 2024	J-GAAP
Mar, 2025 New	335,000	18,500	15,500	9,500	145.0	50	Nov 7, 2024	J-GAAP
Revision Rate	-1.5%	-9.8%	-11.4%	-13.6%	-13.6%

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	180,356	11,666	8,878	4,333	66.3	25	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	161,598	10,660	9,249	6,528	99.6	25	Nov 7, 2024	J-GAAP
YoY	-10.4%	-8.6%	+4.2%	+50.7%	+50.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	301,500	7,677	7,030	2,436	37.3	30	May 12, 2023	J-GAAP
Mar, 2024	349,917	18,374	15,560	7,921	121.2	40	May 13, 2024	J-GAAP
Mar, 2025 Guidance	335,000	18,500	15,500	9,500	145.0	50	Nov 7, 2024	J-GAAP
YoY	-4.3%	+0.7%	-0.4%	+19.9%	+19.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	87,124	4,405	4,115	1,811	27.7	5.1	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	87,848	4,818	4,081	2,791	42.7	5.5	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	92,508	6,848	4,797	1,542	23.6	7.4	May 13, 2024	J-GAAP
Apr - Jun, 2024	88,941	3,985	4,322	2,939	44.9	4.5	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	84,461	3,855	1,929	33	0.5	4.6	Nov 7, 2024	J-GAAP
YoY	-3.1%	-12.5%	-53.1%	-98.2%	-98.2%