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Maruha Nichiro Corporation, First Half Ordinary Profit Decreases by 25%, July-September Ordinary Profit Decreases by 40%

Mon Nov 11, 2024 3:00 pm JST Earnings

1333 Maruha Nichiro Corporation 【J-GAAP】

Earnings Report

Maruha Nichiro Corporation <1333> [TSE-P] announced its financial results in the afternoon session on November 11th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 25.0% from the same period last year to 15.6 billion yen. The progress rate against the 32 billion yen full-year plan was 49.0%, also falling below the five-year average of 60.8%.

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 expand by 60.0% from the same period last year, reaching 16.3 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 5.82 billion yen, a 40.0% decrease compared to the same period last year. The operating profit margin worsened from 3.5% in the same period last year to 3.1%.

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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 485,241 15,933 21,209 13,129 84.6 63.3 Nov 7, 2022 J-GAAP
Apr - Sep, 2023 507,356 16,757 20,914 10,894 72.0 67.2 Nov 6, 2023 J-GAAP
Apr - Sep, 2024 532,134 16,070 15,689 13,810 91.4 49.0 Nov 11, 2024 J-GAAP
YoY +4.9% -4.1% -25.0% +26.8% +27.0%

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 － 16.67 May 7, 2024 J-GAAP
Apr - Sep, 2024 Results 532,134 16,070 15,689 13,810 91.4 16.67 Nov 11, 2024 J-GAAP
Revision Rate － － － － －

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 523,318 9,777 10,192 9,959 65.8 16.66 May 7, 2024 J-GAAP
Oct - Mar, 2024 Guidance 517,866 13,930 16,311 8,190 54.2 16.66 Nov 11, 2024 J-GAAP
YoY -1.0% +42.5% +60.0% -17.8% -17.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 1,020,456 29,575 33,500 18,596 121.2 21.67 May 8, 2023 J-GAAP
Mar, 2024 1,030,674 26,534 31,106 20,853 137.9 28.33 May 7, 2024 J-GAAP
Mar, 2025 Guidance 1,050,000 30,000 32,000 22,000 145.6 33.33 Aug 5, 2024 J-GAAP
YoY +1.9% +13.1% +2.9% +5.5% +5.6%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 256,434 9,072 9,701 4,242 28.0 3.5 Nov 6, 2023 J-GAAP
Oct - Dec, 2023 279,990 8,601 9,314 11,540 76.3 3.1 Feb 5, 2024 J-GAAP
Jan - Mar, 2024 243,328 1,176 878 -1,581 -10.5 0.5 May 7, 2024 J-GAAP
Apr - Jun, 2024 256,928 7,657 9,868 6,540 43.3 3.0 Aug 5, 2024 J-GAAP
Jul - Sep, 2024 275,206 8,413 5,821 7,270 48.1 3.1 Nov 11, 2024 J-GAAP
YoY +7.3% -7.3% -40.0% +71.4% +71.7%

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