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

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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	253.6	63.3	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	507,356	16,757	20,914	10,894	215.9	67.2	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	532,134	16,070	15,689	13,810	274.2	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	－	50	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	532,134	16,070	15,689	13,810	274.2	50	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	197.5	50	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	517,866	13,930	16,311	8,190	162.6	50	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	363.7	65	May 8, 2023	J-GAAP
Mar, 2024	1,030,674	26,534	31,106	20,853	413.6	85	May 7, 2024	J-GAAP
Mar, 2025 Guidance	1,050,000	30,000	32,000	22,000	436.8	100	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	84.1	3.5	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	279,990	8,601	9,314	11,540	228.8	3.1	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	243,328	1,176	878	-1,581	-31.4	0.5	May 7, 2024	J-GAAP
Apr - Jun, 2024	256,928	7,657	9,868	6,540	129.9	3.0	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	275,206	8,413	5,821	7,270	144.4	3.1	Nov 11, 2024	J-GAAP
YoY	+7.3%	-7.3%	-40.0%	+71.4%	+71.7%