Meiho Facility Works, The Current Fiscal Year Ordinary Profit Revised Upward by 7%, Raises Record High Profit Forecast, Dividend Revised Upward by 3 yen

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Fri Feb 7, 2025 4:00 pm JST Earnings

1717 Meiho Facility Works Ltd. 【J-GAAP】

Earnings Report

Meiho Facility Works Ltd. <1717> [TSE Std] announced its financial results after the market closed on February 7th (16:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 15.2% from the same period last year, reaching 0.94 billion yen.

In addition, the full-year ordinary profit has been revised upward 7.1%, from the previous forecast of 1.12 billion yen to 1.2 billion yen (compared to 1.07 billion yen in the previous period), increasing the growth rate from 4.7% to 12.1%, further surpassing the previous forecast of record-high profits for three consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the ordinary profit for the October to March period (2H) has been revised upward 18.9%, from the previous forecast of 0.42 billion yen to 0.5 billion yen (compared to 0.52 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 19.3% to 4.0%.

In light of the strong performance, the company has increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 38.5 yen to 41.5 yen (compared to 37.5 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the ordinary profit decreased to 0.24 billion yen, a 10.0% decrease compared to the same period last year. The operating profit margin decreased from 19.0% in the same period last year to 16.6%.

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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	3,435	730	732	507	44.1	76.3	Feb 6, 2023	J-GAAP
Apr - Dec, 2023	3,836	816	817	600	51.9	76.4	Feb 5, 2024	J-GAAP
Apr - Dec, 2024	4,131	939	941	684	58.8	78.4	Feb 7, 2025	J-GAAP
YoY	+7.7%	+15.1%	+15.2%	+14.0%	+13.4%

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	2,642	425	423	304	26.1	38.50	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	2,972	503	503	361	30.9	41.50	Feb 7, 2025	J-GAAP
Revision Rate	+12.5%	+18.4%	+18.9%	+18.8%	+18.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	5,300	1,120	1,120	815	69.8	38.50	Nov 8, 2024	J-GAAP
Mar, 2025 New	5,630	1,198	1,200	872	74.7	41.50	Feb 7, 2025	J-GAAP
Revision Rate	+6.2%	+7.0%	+7.1%	+7.0%	+7.0%

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	2,857	523	524	388	33.5	37.50	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,972	503	503	361	30.9	41.50	Feb 7, 2025	J-GAAP
YoY	+4.0%	-3.8%	-4.0%	-7.0%	-7.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	4,761	958	960	651	56.5	31.50	May 12, 2023	J-GAAP
Mar, 2024	5,266	1,068	1,070	790	68.3	37.50	May 14, 2024	J-GAAP
Mar, 2025 Guidance	5,630	1,198	1,200	872	74.7	41.50	Feb 7, 2025	J-GAAP
YoY	+6.9%	+12.2%	+12.1%	+10.4%	+9.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	1,427	271	271	198	17.1	19.0	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	1,430	252	253	190	16.4	17.6	May 14, 2024	J-GAAP
Apr - Jun, 2024	1,245	299	299	219	19.0	24.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	1,413	396	398	292	25.2	28.0	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	1,473	244	244	173	14.9	16.6	Feb 7, 2025	J-GAAP
YoY	+3.2%	-10.0%	-10.0%	-12.6%	-13.1%