Meiji Machine Co.,Ltd., The Current Fiscal Year Net Income Revised Downward by 60%

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Tue Nov 12, 2024 4:00 pm JST Earnings

6334 Meiji Machine Co.,Ltd. 【J-GAAP】

Earnings Report

Meiji Machine Co.,Ltd. <6334> [TSE-S] announced its financial results after the market closed on November 12th (16:00). The consolidated net loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to a loss of 295 million yen (compared to a loss of 115 million yen in the same period last year).

In addition, the full-year consolidated net income has downwardly by 59.7%, from the previous forecast of 268 million yen to 108 million yen (compared to 314 million yen in the previous period), leading to an increase in the profit decline rate from 14.6% to 65.6%.

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 decrease by 6.1% from the same period last year to 403 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated net loss expanded to a loss of 176 million yen (compared to a loss of 29 million yen in the same period last year). However, the operating profit/loss margin significantly improved from -7.8% in the same period last year to -3.4%.

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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	3,128	77	114	1,569	137.8	49.4	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	1,497	-164	-143	-115	-10.2	ー	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	2,341	-163	-134	-295	-26.5	ー	Nov 12, 2024	J-GAAP
YoY	+56.4%	+0.6%	+6.3%	-156.5%	-160.6%

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	－	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	2,341	-163	-134	-295	-26.5	0	Nov 12, 2024	J-GAAP
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	6,000	280	280	268	24.0	4	May 13, 2024	J-GAAP
Mar, 2025 New	6,000	280	280	108	9.7	4	Nov 12, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	-59.7%	-59.7%

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	3,399	411	408	429	38.1	4	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	3,659	443	414	403	36.0	4	Nov 12, 2024	J-GAAP
YoY	+7.6%	+7.8%	+1.5%	-6.1%	-5.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,306	188	231	1,764	155.0	2	May 12, 2023	J-GAAP
Mar, 2024	4,896	247	265	314	27.9	4	May 13, 2024	J-GAAP
Mar, 2025 Guidance	6,000	280	280	108	9.7	4	Nov 12, 2024	J-GAAP
YoY	+22.5%	+13.4%	+5.7%	-65.6%	-65.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	842	-66	-59	-29	-2.6	-7.8	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	1,588	216	214	211	18.8	13.6	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	1,811	195	194	218	19.4	10.8	May 13, 2024	J-GAAP
Apr - Jun, 2024	946	-116	-107	-119	-10.7	-12.3	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	1,395	-47	-27	-176	-15.8	-3.4	Nov 12, 2024	J-GAAP
YoY	+65.7%	+28.8%	+54.2%	-506.9%	-516.4%