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

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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	May 14, 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%