MORINAGA MILK, Last Fiscal Year Net Income Revised Downward by 72%

Tue Apr 15, 2025 12:00 pm JST Revision

2264 MORINAGA MILK INDUSTRY CO.,LTD 【J-GAAP】

MORINAGA MILK INDUSTRY CO.,LTD <2264> [TSE Prime] announced a performance revision at noon (12:00) on April 15th. The consolidated net income for the fiscal year ending March 2025 has decreased 72.2%, from the previous forecast of 18 billion yen to 5 billion yen (compared to 61.3 billion yen in the previous period), leading to an increase in the profit decline rate from 70.6% to 91.8%. However, the full-year consolidated ordinary profit has been revised upward 3.5%, from the previous forecast of 28.2 billion yen to 29.2 billion yen (compared to 28.1 billion yen in the previous period), increasing the growth rate from 0.3% to 3.9%.

Based on the downwardly revised full-year plan announced by the company, our calculation indicates that the October to March period (2H) consolidated net income/loss has been revised downward from an expected profit of 8.29 billion yen to a loss of 4.7 billion yen (compared to a profit of 2.18 billion yen in the same period of the previous year), turning to a loss outlook.

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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	269,401M	11,001M	10,953M	8,291M	24.8	11.25	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	269,401M	12,001M	11,953M	-4,709M	-13.9	11.25	Apr 15, 2025	J-GAAP
Revision Rate	0.0%	+9.1%	+9.1%	－	－

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	560,000M	28,500M	28,200M	18,000M	53.9	22.50	Nov 8, 2024	J-GAAP
Mar, 2025 New	560,000M	29,500M	29,200M	5,000M	14.8	22.50	Apr 15, 2025	J-GAAP
Revision Rate	0.0%	+3.5%	+3.5%	-72.2%	-72.6%

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	260,469M	7,014M	6,328M	2,186M	6.2	15	May 14, 2024	J-GAAP
Guidance Oct - Mar, 2024	269,401M	12,001M	11,953M	-4,709M	-13.9	11.25	Apr 15, 2025	J-GAAP
YoY	+3.4%	+71.1%	+88.9%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	525,603M	23,939M	25,218M	16,875M	46.7	11.25	May 15, 2023	J-GAAP
Mar, 2024	547,059M	27,839M	28,104M	61,307M	174.2	15	May 14, 2024	J-GAAP
Guidance Mar, 2025	560,000M	29,500M	29,200M	5,000M	14.8	22.50	Apr 15, 2025	J-GAAP
YoY	+2.4%	+6.0%	+3.9%	-91.8%	-91.5%

MORINAGA MILK, Last Fiscal Year Net Income Revised Downward by 72%

Guidance Update

Current Period Guidance

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