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Prima Meat Packers, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 15% Decrease

Mon Feb 3, 2025 3:30 pm JST Earnings

2281 Prima Meat Packers, Ltd. 【J-GAAP】

Earnings Report

Prima Meat Packers, Ltd. <2281> [TSE Prime] announced its financial results after the market closed on February 3rd (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 16.0% from the same period last year to 9.39 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 35.3%, from the previous forecast of 17 billion yen to 11 billion yen (compared to 12.8 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 14.6% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has decreased 58.9%, from the previous forecast of 10.1 billion yen to 4.18 billion yen (compared to 5.45 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 23.3% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit dropped to 2.58 billion yen, a 31.2% decrease compared to the same period last year. The operating profit margin worsened from 3.0% in the same period last year to 1.7%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2022 328,388 8,762 9,314 5,866 116.8 88.6 Feb 6, 2023 J-GAAP
Apr - Dec, 2023 342,567 10,391 11,180 6,202 123.4 86.8 Feb 5, 2024 J-GAAP
Apr - Dec, 2024 350,285 8,273 9,393 5,878 117.0 85.4 Feb 3, 2025 J-GAAP
YoY +2.3% -20.4% -16.0% -5.2% -5.2%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Prev 240,559 9,815 10,188 5,742 114.2 40 Nov 5, 2024 J-GAAP
Oct - Mar, 2024 New 230,559 3,315 4,188 3,742 74.5 40 Feb 3, 2025 J-GAAP
Revision Rate -4.2% -66.2% -58.9% -34.8% -34.8%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 470,000 16,000 17,000 10,000 199.0 80 May 7, 2024 J-GAAP
Mar, 2025 New 460,000 9,500 11,000 8,000 159.2 80 Feb 3, 2025 J-GAAP
Revision Rate -2.1% -40.6% -35.3% -20.0% -20.0%

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 225,694 4,991 5,457 3,628 72.2 45 May 7, 2024 J-GAAP
Oct - Mar, 2024 Guidance 230,559 3,315 4,188 3,742 74.5 40 Feb 3, 2025 J-GAAP
YoY +2.2% -33.6% -23.3% +3.1% +3.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 430,740 9,725 10,510 4,505 89.7 65 May 8, 2023 J-GAAP
Mar, 2024 448,429 11,820 12,884 7,489 149.0 65 May 7, 2024 J-GAAP
Mar, 2025 Guidance 460,000 9,500 11,000 8,000 159.2 80 Feb 3, 2025 J-GAAP
YoY +2.6% -19.6% -14.6% +6.8% +6.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2023 119,832 3,562 3,753 2,341 46.6 3.0 Feb 5, 2024 J-GAAP
Jan - Mar, 2024 105,862 1,429 1,704 1,287 25.6 1.3 May 7, 2024 J-GAAP
Apr - Jun, 2024 112,891 3,346 3,651 2,204 43.9 3.0 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 116,550 2,839 3,161 2,054 40.9 2.4 Nov 5, 2024 J-GAAP
Oct - Dec, 2024 120,844 2,088 2,581 1,620 32.2 1.7 Feb 3, 2025 J-GAAP
YoY +0.8% -41.4% -31.2% -30.8% -30.8%

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