MORINAGA MILK INDUSTRY CO.,LTD, The Current Fiscal Year Ordinary Profit Revised Downward by 7%

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Fri Nov 8, 2024 2:00 pm JST Earnings

2264 MORINAGA MILK INDUSTRY CO.,LTD 【J-GAAP】

Earnings Report

MORINAGA MILK INDUSTRY CO.,LTD <2264> [TSE-P] 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) decreased by 20.8% from the same period last year to 17.2 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 6.9%, from the previous forecast of 30.3 billion yen to 28.2 billion yen (compared to 28.1 billion yen in the previous period), leading to a reduction in the profit growth rate from 7.8% to 0.3%.

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 expand by 73.1% from the same period last year, reaching 10.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 7.69 billion yen, a 32.2% decrease compared to the same period last year. The operating profit margin worsened from 7.6% in the same period last year to 6.0%.

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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	269,962	14,620	15,723	8,478	93.8	62.3	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	286,590	20,825	21,776	59,121	663.2	77.5	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	290,599	17,499	17,247	9,709	113.6	61.2	Nov 8, 2024	J-GAAP
YoY	+1.4%	-16.0%	-20.8%	-83.6%	-82.9%

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	293,000	18,900	19,300	12,000	141.9	45	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	290,599	17,499	17,247	9,709	113.6	45	Nov 8, 2024	J-GAAP
Revision Rate	-0.8%	-7.4%	-10.6%	-19.1%	-20.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	570,000	30,000	30,300	19,000	227.5	90	May 14, 2024	J-GAAP
Mar, 2025 New	560,000	28,500	28,200	18,000	215.5	90	Nov 8, 2024	J-GAAP
Revision Rate	-1.8%	-5.0%	-6.9%	-5.3%	-5.3%

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	260,469	7,014	6,328	2,186	24.9	60	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	269,401	11,001	10,953	8,291	99.3	45	Nov 8, 2024	J-GAAP
YoY	+3.4%	+56.8%	+73.1%	+279.3%	+299.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	525,603	23,939	25,218	16,875	186.6	45	May 15, 2023	J-GAAP
Mar, 2024	547,059	27,839	28,104	61,307	696.9	60	May 14, 2024	J-GAAP
Mar, 2025 Guidance	560,000	28,500	28,200	18,000	215.5	90	Nov 8, 2024	J-GAAP
YoY	+2.4%	+2.4%	+0.3%	-70.6%	-69.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	146,849	11,233	11,342	6,205	69.6	7.6	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	136,651	7,190	6,796	3,677	41.6	5.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	123,818	-176	-468	-1,491	-17.0	-0.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	140,637	8,472	9,554	5,313	61.5	6.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	149,962	9,027	7,693	4,396	51.4	6.0	Nov 8, 2024	J-GAAP
YoY	+2.1%	-19.6%	-32.2%	-29.2%	-26.1%