Mitsui Mining and Smelting Company, Limited, The Current Fiscal Year Ordinary Profit Revised Upward by 15%, Dividend Revised Upward by 15 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

5706 Mitsui Mining and Smelting Company, Limited 【J-GAAP】

Earnings Report

Mitsui Mining and Smelting Company, Limited <5706> [TSE-P] announced its financial results after the market closed on November 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.3 times that of the same period last year, reaching 38.3 billion yen, exceeded the previous forecast of 29.5 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 14.6%, from the previous forecast of 48 billion yen to 55 billion yen (compared to 44.5 billion yen in the previous period), increasing the growth rate from 7.8% to 23.6%.

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 drop by 39.9% from the same period last year to 16.6 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 150 yen to 165 yen (compared to 140 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 3.3% from the same period last year, reaching 12.1 billion yen. The operating profit margin improved from 6.1% in the same period last year to 8.6%.

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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	342,398	23,296	34,015	27,927	488.9	171.0	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	312,120	4,659	16,886	8,142	142.5	37.9	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	348,126	38,821	38,388	37,035	647.8	69.8	Nov 8, 2024	J-GAAP
YoY	+11.5%	+733.2%	+127.3%	+354.9%	+354.6%

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	345,000	28,000	29,500	31,000	542.1	75	Aug 8, 2024	J-GAAP
Apr - Sep, 2024 Results	348,126	38,821	38,388	37,035	647.8	90	Nov 8, 2024	J-GAAP
Revision Rate	+0.9%	+38.6%	+30.1%	+19.5%	+19.5%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	685,000	47,000	48,000	43,000	752.0	150	Aug 8, 2024	J-GAAP
Mar, 2025 New	695,000	56,000	55,000	46,500	813.2	165	Nov 8, 2024	J-GAAP
Revision Rate	+1.5%	+19.1%	+14.6%	+8.1%	+8.1%

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	334,577	27,035	27,627	17,847	312.3	70	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	346,874	17,179	16,612	9,465	165.5	75	Nov 8, 2024	J-GAAP
YoY	+3.7%	-36.5%	-39.9%	-47.0%	-47.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	651,965	12,528	19,886	8,511	149.0	140	May 10, 2023	J-GAAP
Mar, 2024	646,697	31,694	44,513	25,989	454.7	140	May 13, 2024	J-GAAP
Mar, 2025 Guidance	695,000	56,000	55,000	46,500	813.2	165	Nov 8, 2024	J-GAAP
YoY	+7.5%	+76.7%	+23.6%	+78.9%	+78.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	164,617	10,122	11,801	5,599	98.0	6.1	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	164,402	10,142	10,065	7,037	123.1	6.2	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	170,175	16,893	17,562	10,810	189.1	9.9	May 13, 2024	J-GAAP
Apr - Jun, 2024	169,869	23,481	26,192	22,103	386.7	13.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	178,257	15,340	12,196	14,932	261.2	8.6	Nov 8, 2024	J-GAAP
YoY	+8.3%	+51.6%	+3.3%	+166.7%	+166.6%