MORIO DENKI CO.,LTD., First Half Ordinary Profit Decreases by 47%, July-September Ordinary Profit Decreases by 33%

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Fri Nov 8, 2024 2:00 pm JST Earnings

6647 MORIO DENKI CO.,LTD. 【J-GAAP】

Earnings Report

MORIO DENKI CO.,LTD. <6647> [TSE-S] announced its financial results in the afternoon session on November 8th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 46.9% from the same period last year to 111 million yen. The progress rate against the 380 million yen full-year plan was 29.2%, also falling below the five-year average of 36.8%.

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 surge by 2.0 times that of the same period last year, reaching 269 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 76 million yen, a 33.3% decrease compared to the same period last year. The operating profit margin worsened from 6.3% in the same period last year to 4.0%.

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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	3,973	118	126	77	56.1	44.4	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	3,771	209	209	137	99.7	61.1	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	4,044	112	111	75	55.2	29.2	Nov 8, 2024	J-GAAP
YoY	+7.2%	-46.4%	-46.9%	-45.3%	-44.6%

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	4,150	120	120	70	50.9	－	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	4,044	112	111	75	55.2	－	Nov 8, 2024	J-GAAP
Revision Rate	-2.6%	-6.7%	-7.5%	+7.1%	+8.4%

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	3,677	133	133	74	54.0	50	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,456	268	269	145	107.9	50	Nov 8, 2024	J-GAAP
YoY	+21.2%	+101.5%	+102.3%	+95.9%	+99.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,899	274	284	148	108.3	30	May 15, 2023	J-GAAP
Mar, 2024	7,448	342	342	211	154.0	50	May 15, 2024	J-GAAP
Mar, 2025 Guidance	8,500	380	380	220	163.6	50	May 15, 2024	J-GAAP
YoY	+14.1%	+11.1%	+11.1%	+4.3%	+6.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,941	122	114	78	56.8	6.3	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	1,632	-16	-11	-11	-8.1	-1.0	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	2,045	149	144	85	62.1	7.3	May 15, 2024	J-GAAP
Apr - Jun, 2024	1,933	28	35	27	20.1	1.4	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	2,111	84	76	48	35.3	4.0	Nov 8, 2024	J-GAAP
YoY	+8.8%	-31.1%	-33.3%	-38.5%	-37.8%