MITSUBA Corporation, First Half Ordinary Profit Unexpectedly Revised Upward by 3%

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Wed Nov 13, 2024 3:30 pm JST Earnings

7280 MITSUBA Corporation 【J-GAAP】

Earnings Report

MITSUBA Corporation <7280> [TSE-P] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 8.78 billion yen, a 2.9% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 12.1% decrease.

The progress rate against the 16.5 billion yen full-year plan was 53.2%, also surpassing the five-year average of 37.2%.

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 drop by 44.1% from the same period last year to 7.71 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 4.24 billion yen, a 22.7% decrease compared to the same period last year. However, the operating profit margin improved from 6.1% in the same period last year to 6.7%.

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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	153,054	425	1,978	-953	-31.4	32.7	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	166,020	6,979	8,536	4,511	94.1	38.2	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	170,730	10,265	8,784	6,780	147.0	53.2	Nov 13, 2024	J-GAAP
YoY	+2.8%	+47.1%	+2.9%	+50.3%	+56.2%

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	170,000	8,500	7,500	4,500	100.6	0	Aug 7, 2024	J-GAAP
Apr - Sep, 2024 Results	170,730	10,265	8,784	6,780	147.0	0	Nov 13, 2024	J-GAAP
Revision Rate	+0.4%	+20.8%	+17.1%	+50.7%	+46.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	345,000	18,500	16,500	11,000	245.8	10	Aug 7, 2024	J-GAAP
Mar, 2025 New	338,000	18,500	16,500	11,000	245.8	10	Nov 13, 2024	J-GAAP
Revision Rate	-2.0%	0.0%	0.0%	0.0%	0.0%

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	178,134	14,173	13,808	9,230	197.2	6	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	167,270	8,235	7,716	4,220	94.3	10	Nov 13, 2024	J-GAAP
YoY	-6.1%	-41.9%	-44.1%	-54.3%	-52.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	319,500	6,718	6,049	1,185	26.5	3	May 10, 2023	J-GAAP
Mar, 2024	344,154	21,152	22,344	13,741	293.6	6	May 10, 2024	J-GAAP
Mar, 2025 Guidance	338,000	18,500	16,500	11,000	245.8	10	Nov 13, 2024	J-GAAP
YoY	-1.8%	-12.5%	-26.2%	-19.9%	-16.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	86,924	5,259	5,485	3,438	71.7	6.1	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	90,852	7,472	7,175	5,650	120.7	8.2	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	87,282	6,701	6,633	3,580	76.5	7.7	May 10, 2024	J-GAAP
Apr - Jun, 2024	84,436	4,479	4,543	3,399	75.8	5.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	86,294	5,786	4,241	3,381	73.3	6.7	Nov 13, 2024	J-GAAP
YoY	-0.7%	+10.0%	-22.7%	-1.7%	+2.2%