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

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%.

Kabutan News

Actual Performance and Financial Trends

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 		98,434M 10,231M 10,498M 6,584M 67.4 66.6 Nov 10, 2022 J-GAAP
Apr - Sep, 2023 		109,608M 14,167M 14,397M 10,260M 111.3 68.4 Nov 10, 2023 J-GAAP
Apr - Sep, 2024 		118,845M 13,855M 14,099M 10,631M 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 114,000M 13,400M 13,600M 10,100M 112.6 0 May 10, 2024 J-GAAP
Apr - Sep, 2024 Results 118,845M 13,855M 14,099M 10,631M 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 222,000M 20,500M 20,900M 15,800M 184.1 60 May 10, 2024 J-GAAP
Mar, 2025 New 227,000M 21,300M 21,700M 16,700M 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 		103,760M 6,106M 6,642M 4,894M 53.5 55 May 10, 2024 J-GAAP
Guidance
Oct - Mar, 2024 		108,155M 7,445M 7,601M 6,069M 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 		194,373M 15,235M 15,757M 10,059M 104.4 50 May 11, 2023 J-GAAP
Mar, 2024 		213,368M 20,273M 21,039M 15,154M 165.6 55 May 10, 2024 J-GAAP
Guidance
Mar, 2025 		227,000M 21,300M 21,700M 16,700M 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 		58,516M 8,364M 8,412M 5,938M 64.4 14.3 Nov 10, 2023 J-GAAP
Oct - Dec, 2023 		54,189M 5,524M 5,778M 3,725M 40.6 10.2 Feb 8, 2024 J-GAAP
Jan - Mar, 2024 		49,571M 582M 864M 1,169M 12.8 1.2 May 10, 2024 J-GAAP
Apr - Jun, 2024 		56,928M 6,741M 6,938M 4,880M 54.2 11.8 Aug 8, 2024 J-GAAP
Jul - Sep, 2024 		61,917M 7,114M 7,161M 5,751M 64.0 11.5 Nov 12, 2024 J-GAAP
YoY +5.8% -14.9% -14.9% -3.1% -0.6%

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