Morinaga & Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 3% Increase

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Tue Nov 12, 2024 3:30 pm JST Earnings

2201 Morinaga & Co.,Ltd. 【J-GAAP】

Earnings Report

Morinaga & Co.,Ltd. <2201> [TSE-P] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 14 billion yen, a 2.1% decrease compared to the same period last year.

However, the full-year consolidated ordinary profit has been revised upward by 3.8%, from the previous forecast of 20.9 billion yen to 21.7 billion yen (compared to 21 billion yen in the previous period), turning to a 3.1% increase in the consolidated ordinary profit outlook.

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 grow by 14.4% from the same period last year, reaching 7.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 7.16 billion yen, a 14.9% decrease compared to the same period last year. The operating profit margin decreased from 14.3% in the same period last year to 11.5%.

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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	98,434	10,231	10,498	6,584	67.4	66.6	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	109,608	14,167	14,397	10,260	111.3	68.4	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	118,845	13,855	14,099	10,631	118.4	65.0	Nov 12, 2024	J-GAAP
YoY	+8.4%	-2.2%	-2.1%	+3.6%	+6.4%

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	114,000	13,400	13,600	10,100	112.6	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	118,845	13,855	14,099	10,631	118.4	0	Nov 12, 2024	J-GAAP
Revision Rate	+4.3%	+3.4%	+3.7%	+5.3%	+5.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	222,000	20,500	20,900	15,800	184.1	60	May 10, 2024	J-GAAP
Mar, 2025 New	227,000	21,300	21,700	16,700	194.6	60	Nov 12, 2024	J-GAAP
Revision Rate	+2.3%	+3.9%	+3.8%	+5.7%	+5.7%

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	103,760	6,106	6,642	4,894	53.5	55	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	108,155	7,445	7,601	6,069	70.7	60	Nov 12, 2024	J-GAAP
YoY	+4.2%	+21.9%	+14.4%	+24.0%	+32.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	194,373	15,235	15,757	10,059	104.4	50	May 11, 2023	J-GAAP
Mar, 2024	213,368	20,273	21,039	15,154	165.6	55	May 10, 2024	J-GAAP
Mar, 2025 Guidance	227,000	21,300	21,700	16,700	194.6	60	Nov 12, 2024	J-GAAP
YoY	+6.4%	+5.1%	+3.1%	+10.2%	+17.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	58,516	8,364	8,412	5,938	64.4	14.3	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	54,189	5,524	5,778	3,725	40.6	10.2	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	49,571	582	864	1,169	12.8	1.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	56,928	6,741	6,938	4,880	54.2	11.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	61,917	7,114	7,161	5,751	64.0	11.5	Nov 12, 2024	J-GAAP
YoY	+5.8%	-14.9%	-14.9%	-3.1%	-0.6%