MIE CORPORATION CO., LTD, First Half Ordinary Profit Decreases by 8%

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Fri Nov 8, 2024 2:40 pm JST Earnings

3442 MIE CORPORATION CO., LTD 【J-GAAP】

Earnings Report

MIE CORPORATION CO., LTD <3442> [NSE-M] announced its financial results in the afternoon session on November 8th (14:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 8.0% from the same period last year to 252 million yen. The progress rate against the 520 million yen full-year plan was 48.5%, which was higher than the five-year average of 43.3%.

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 grow by 2.3% from the same period last year, reaching 268 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 119 million yen, a 2.5% decrease compared to the same period last year. The operating profit margin worsened from 8.4% in the same period last year to 7.4%.

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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	3,378	258	213	124	103.6	49.4	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	3,361	294	274	178	148.4	51.1	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	3,464	270	252	175	146.0	48.5	Nov 8, 2024	J-GAAP
YoY	+3.1%	-8.2%	-8.0%	-1.7%	-1.6%

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	3,350	270	260	180	149.6	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	3,464	270	252	175	146.0	0	Nov 8, 2024	J-GAAP
Revision Rate	+3.4%	0.0%	-3.1%	-2.8%	-2.4%

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	3,450	271	262	194	161.4	20	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	3,236	270	268	185	153.7	20	Nov 8, 2024	J-GAAP
YoY	-6.2%	-0.4%	+2.3%	-4.6%	-4.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,579	498	431	358	298.1	0	May 12, 2023	J-GAAP
Mar, 2024	6,811	565	536	372	309.5	20	May 10, 2024	J-GAAP
Mar, 2025 Guidance	6,700	540	520	360	299.1	20	May 10, 2024	J-GAAP
YoY	-1.6%	-4.4%	-3.0%	-3.2%	-3.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,673	140	122	80	66.7	8.4	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	1,819	167	163	124	103.1	9.2	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	1,631	104	99	70	58.3	6.4	May 10, 2024	J-GAAP
Apr - Jun, 2024	1,651	136	133	97	81.0	8.2	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	1,813	134	119	78	65.1	7.4	Nov 8, 2024	J-GAAP
YoY	+8.4%	-4.3%	-2.5%	-2.5%	-2.4%