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

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%

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