MEGMILK SNOW BRAND Co.,Ltd., First Half Ordinary Profit Unexpectedly Revised Upward by 4%

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Thu Nov 14, 2024 11:00 am JST Earnings

2270 MEGMILK SNOW BRAND Co.,Ltd. 【J-GAAP】

Earnings Report

MEGMILK SNOW BRAND Co.,Ltd. <2270> [TSE-P] announced its financial results in the morning on November 14th (11:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 4.2% from the same period last year, reaching 12.7 billion yen, resulting in an increase in profits compared to the previous forecast of a 8.5% decrease.

The progress rate against the 20.3 billion yen full-year plan was 62.8%, also surpassing the five-year average of 58.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 1.3% from the same period last year to 7.54 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 6.39 billion yen, an increase of 0.7% compared to the same period last year. However, the operating profit margin remained almost flat, changing from 3.8% in the same period last year to 3.8%.

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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	289,064	7,348	6,883	2,301	34.1	47.5	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	305,669	11,242	12,240	7,698	114.0	61.5	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	311,653	11,819	12,754	9,134	135.2	62.8	Nov 14, 2024	J-GAAP
YoY	+2.0%	+5.1%	+4.2%	+18.7%	+18.6%

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	316,000	10,400	11,200	8,200	121.4	－	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	311,653	11,819	12,754	9,134	135.2	－	Nov 14, 2024	J-GAAP
Revision Rate	-1.4%	+13.6%	+13.9%	+11.4%	+11.4%

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	299,755	7,218	7,648	11,732	173.7	80	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	318,347	7,181	7,546	4,466	66.1	100	Nov 14, 2024	J-GAAP
YoY	+6.2%	-0.5%	-1.3%	-61.9%	-61.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	584,308	13,054	14,480	9,129	135.2	60	May 15, 2023	J-GAAP
Mar, 2024	605,424	18,460	19,888	19,430	287.7	80	May 14, 2024	J-GAAP
Mar, 2025 Guidance	630,000	19,000	20,300	13,600	201.3	100	May 14, 2024	J-GAAP
YoY	+4.1%	+2.9%	+2.1%	-30.0%	-30.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	155,484	5,983	6,353	4,110	60.9	3.8	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	154,809	5,058	5,534	3,700	54.8	3.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	144,946	2,160	2,114	8,032	118.9	1.5	May 14, 2024	J-GAAP
Apr - Jun, 2024	152,438	5,768	6,359	5,272	78.1	3.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	159,215	6,051	6,395	3,862	57.2	3.8	Nov 14, 2024	J-GAAP
YoY	+2.4%	+1.1%	+0.7%	-6.0%	-6.0%