MATSUOKA CORPORATION, The Current Fiscal Year Operating Profit Revised Downward by 43%, Dividend Revised Upward by 30 yen

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Wed Nov 13, 2024 3:30 pm JST Earnings

3611 MATSUOKA CORPORATION 【J-GAAP】

Earnings Report

MATSUOKA CORPORATION <3611> [TSE-S] announced its financial results after the market closed on November 13th (15:30). The consolidated operating profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 94.4% from the same period last year to 49 million yen.

In addition, the full-year consolidated operating profit has downwardly by 42.9%, from the previous forecast of 2.1 billion yen to 1.2 billion yen (compared to 792 million yen in the previous period), leading to a reduction in the profit growth rate from 2.7 times to 51.5%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated operating profit/loss for the October to March period (second half) is expected to turn into a profit of 1.15 billion yen (compared to a loss of 85 million yen in the same period last year).

At the same time, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 60 yen to 90 yen (compared to 50 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated operating profit significantly dropped to 239 million yen, a 55.9% decrease compared to the same period last year. The operating profit margin worsened from 3.4% in the same period last year to 1.2%.

Kabutan News

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	28,999	-731	1,019	156	16.0	31.8	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	29,393	877	2,542	1,284	128.6	56.6	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	35,237	49	1,954	1,048	104.9	44.4	Nov 13, 2024	J-GAAP
YoY	+19.9%	-94.4%	-23.1%	-18.4%	-18.4%

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	ー	ー	ー	ー	－	－	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	35,237	49	1,954	1,048	104.9	0	Nov 13, 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	67,000	2,100	4,400	3,000	300.3	60	Aug 8, 2024	J-GAAP
Mar, 2025 New	67,000	1,200	4,400	3,000	300.3	90	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	-42.9%	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	30,783	-85	1,951	1,173	117.5	50	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	31,763	1,151	2,446	1,952	195.4	90	Nov 13, 2024	J-GAAP
YoY	+3.2%	－	+25.4%	+66.4%	+66.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	62,778	67	3,202	1,676	170.3	40	May 11, 2023	J-GAAP
Mar, 2024	60,176	792	4,493	2,457	246.0	50	May 14, 2024	J-GAAP
Mar, 2025 Guidance	67,000	1,200	4,400	3,000	300.3	90	Nov 13, 2024	J-GAAP
YoY	+11.3%	+51.5%	-2.1%	+22.1%	+22.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,850	542	1,315	677	67.8	3.4	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	15,424	18	662	632	63.3	0.1	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	15,359	-103	1,289	541	54.2	-0.7	May 14, 2024	J-GAAP
Apr - Jun, 2024	15,175	-190	1,423	780	78.1	-1.3	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	20,062	239	531	268	26.8	1.2	Nov 13, 2024	J-GAAP
YoY	+26.6%	-55.9%	-59.6%	-60.4%	-60.4%