MORINAGA MILK, Oct-Dec (3Q) Ordinary Profit Increases by 30%

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Wed Feb 12, 2025 2:00 pm JST Earnings

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

Earnings Report

MORINAGA MILK INDUSTRY CO.,LTD <2264> [TSE Prime] announced its financial results in the afternoon session on February 12th (14:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 8.7% from the same period last year to 26 billion yen. However, the progress rate toward the full-year plan of 28.2 billion yen was 92.4%, almost the same as the five-year average of 90.7%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the January to March period (4Q) is expected to turn into a profit of 2.15 billion yen (compared to a loss of 0.41 billion yen in the same period last year).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit increased 30.5% from the same period last year, reaching 8.79 billion yen. The operating profit margin improved from 5.2% in the same period last year to 5.7%.

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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	405,224	20,460	21,529	12,128	134.1	85.4	Feb 10, 2023	J-GAAP
Apr - Dec, 2023	423,256	27,993	28,517	62,699	709.6	101.5	Feb 9, 2024	J-GAAP
Apr - Dec, 2024	430,721	25,489	26,043	14,740	173.7	92.4	Feb 12, 2025	J-GAAP
YoY	+1.8%	-8.9%	-8.7%	-76.5%	-75.5%

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	260,469	7,014	6,328	2,186	24.9	60	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	269,401	11,001	10,953	8,291	99.3	45	Nov 8, 2024	J-GAAP
YoY	+3.4%	+56.8%	+73.1%	+279.3%	+299.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	525,603	23,939	25,218	16,875	186.6	45	May 15, 2023	J-GAAP
Mar, 2024	547,059	27,839	28,104	61,307	696.9	60	May 14, 2024	J-GAAP
Mar, 2025 Guidance	560,000	28,500	28,200	18,000	215.5	90	Nov 8, 2024	J-GAAP
YoY	+2.4%	+2.4%	+0.3%	-70.6%	-69.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	136,666	7,168	6,741	3,578	40.5	5.2	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	123,803	-154	-413	-1,392	-15.8	-0.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	140,637	8,472	9,554	5,313	61.5	6.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	149,962	9,027	7,693	4,396	51.4	6.0	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	140,122	7,990	8,796	5,031	59.3	5.7	Feb 12, 2025	J-GAAP
YoY	+2.5%	+11.5%	+30.5%	+40.6%	+46.5%