BROTHER INDUSTRIES LTD., The Current Fiscal Year Net Income Revised Downward by 10%

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Fri Nov 8, 2024 3:30 pm JST Earnings

6448 BROTHER INDUSTRIES LTD. 【IFRS】

Earnings Report

BROTHER INDUSTRIES LTD. <6448> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 8th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 28.1 billion yen, a 2.6% decrease compared to the same period last year.

In addition, the full-year consolidated net income has downwardly by 9.5%, from the previous forecast of 63 billion yen to 57 billion yen (compared to 31.6 billion yen in the previous period), leading to a reduction in the profit growth rate from 99.1% to 80.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to surge by 11 times that of the same period last year, reaching 28.8 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 11.6 billion yen, a 8.1% decrease compared to the same period last year. The operating profit margin worsened from 8.9% in the same period last year to 7.9%.

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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	396,666	37,467	38,208	30,258	118.0	67.1	Nov 9, 2022	IFRS
Apr - Sep, 2023	399,632	39,727	40,999	28,901	113.1	78.1	Nov 7, 2023	IFRS
Apr - Sep, 2024	427,228	38,544	41,461	28,148	110.1	51.8	Nov 8, 2024	IFRS
YoY	+6.9%	-3.0%	+1.1%	-2.6%	-2.6%

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	ー	ー	ー	ー	－	50	May 9, 2024	IFRS
Apr - Sep, 2024 Results	427,228	38,544	41,461	28,148	110.1	50	Nov 8, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	880,000	88,000	88,000	63,000	246.4	100	May 9, 2024	IFRS
Mar, 2025 New	865,000	76,000	80,000	57,000	223.0	100	Nov 8, 2024	IFRS
Revision Rate	-1.7%	-13.6%	-9.1%	-9.5%	-9.5%

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	423,298	10,065	11,524	2,744	10.7	50	May 9, 2024	IFRS
Oct - Mar, 2024 Guidance	437,772	37,456	38,539	28,852	112.9	50	Nov 8, 2024	IFRS
YoY	+3.4%	+272.1%	+234.4%	+951.5%	+950.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	815,269	55,378	56,953	39,082	152.7	68	May 8, 2023	IFRS
Mar, 2024	822,930	49,792	52,523	31,645	123.8	84	May 9, 2024	IFRS
Mar, 2025 Guidance	865,000	76,000	80,000	57,000	223.0	100	Nov 8, 2024	IFRS
YoY	+5.1%	+52.6%	+52.3%	+80.1%	+80.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	199,225	17,702	18,347	12,658	49.5	8.9	Nov 7, 2023	IFRS
Oct - Dec, 2023	213,134	21,355	22,315	17,713	69.3	10.0	Feb 6, 2024	IFRS
Jan - Mar, 2024	210,164	-11,290	-10,791	-14,969	-58.6	-5.4	May 9, 2024	IFRS
Apr - Jun, 2024	214,718	21,802	23,542	16,520	64.6	10.2	Aug 6, 2024	IFRS
Jul - Sep, 2024	212,510	16,742	17,919	11,628	45.5	7.9	Nov 8, 2024	IFRS
YoY	+6.7%	-5.4%	-2.3%	-8.1%	-8.2%