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MIYAJI ENGINEERING GROUP, INC., The Current Fiscal Year Ordinary Profit Revised Downward by 10%

Fri Nov 8, 2024 3:00 pm JST Earnings

3431 MIYAJI ENGINEERING GROUP, INC. 【J-GAAP】

Earnings Report

MIYAJI ENGINEERING GROUP, INC. <3431> [TSE-P] announced its financial results in the afternoon session on November 8th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 4.63 billion yen, an increase of 50.0% compared to the same period last year.

However, the full-year consolidated ordinary profit has downwardly by 10.4%, from the previous forecast of 9.6 billion yen to 8.6 billion yen (compared to 7.9 billion yen in the previous period), leading to a reduction in the profit growth rate from 21.4% to 8.8%.

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 decrease by 17.7% from the same period last year to 3.96 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 87.2% from the same period last year, reaching 3.32 billion yen. The operating profit margin jumped from 10.7% in the same period last year to 16.0%.

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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 27,951 3,184 3,304 1,911 70.2 61.5 Nov 9, 2022 J-GAAP
Apr - Sep, 2023 31,694 2,951 3,089 1,776 65.3 39.1 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 36,100 4,480 4,632 2,258 83.7 53.9 Nov 8, 2024 J-GAAP
YoY +13.9% +51.8% +50.0% +27.1% +28.2%

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 35,000 4,200 4,250 1,900 71.7 42.50 May 14, 2024 J-GAAP
Apr - Sep, 2024 Results 36,100 4,480 4,632 2,258 83.7 42.50 Nov 8, 2024 J-GAAP
Revision Rate +3.1% +6.7% +9.0% +18.8% +16.8%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 73,000 9,500 9,600 4,400 165.9 97.50 Aug 7, 2024 J-GAAP
Mar, 2025 New 73,000 8,500 8,600 4,000 150.8 97.50 Nov 8, 2024 J-GAAP
Revision Rate 0.0% -10.5% -10.4% -9.1% -9.1%

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 37,671 4,953 4,819 2,578 94.7 53.50 May 14, 2024 J-GAAP
Oct - Mar, 2024 Guidance 36,900 4,020 3,968 1,742 65.7 55 Nov 8, 2024 J-GAAP
YoY -2.0% -18.8% -17.7% -32.4% -30.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 60,279 5,127 5,373 3,077 113.1 35 May 15, 2023 J-GAAP
Mar, 2024 69,365 7,904 7,908 4,354 160.0 96 May 14, 2024 J-GAAP
Mar, 2025 Guidance 73,000 8,500 8,600 4,000 150.8 97.50 Nov 8, 2024 J-GAAP
YoY +5.2% +7.5% +8.8% -8.1% -5.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 16,010 1,721 1,775 1,089 40.0 10.7 Nov 9, 2023 J-GAAP
Oct - Dec, 2023 20,615 3,850 3,700 1,925 70.7 18.7 Feb 9, 2024 J-GAAP
Jan - Mar, 2024 17,056 1,103 1,119 653 24.0 6.5 May 14, 2024 J-GAAP
Apr - Jun, 2024 15,692 1,210 1,309 722 26.5 7.7 Aug 7, 2024 J-GAAP
Jul - Sep, 2024 20,408 3,270 3,323 1,536 56.9 16.0 Nov 8, 2024 J-GAAP
YoY +27.5% +90.0% +87.2% +41.0% +42.3%

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