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MAX CO., LTD., First Half Ordinary Profit Decreases by 4%, July-September Ordinary Profit Decreases by 20%

Thu Oct 31, 2024 3:00 pm JST Earnings

6454 MAX CO., LTD. 【J-GAAP】

Earnings Report

MAX CO., LTD. <6454> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 3.8% from the same period last year to 7.15 billion yen. However, The progress rate against the 13.7 billion yen full-year plan was 52.0%, almost the same as the five-year average of 50.0%.

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 grow by 4.9% from the same period last year, reaching 6.59 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.57 billion yen, a 20.4% decrease compared to the same period last year. However, the operating profit margin rose from 14.5% in the same period last year to 15.4%.

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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 41,963 4,436 5,723 4,129 87.3 54.5 Oct 28, 2022 J-GAAP
Apr - Sep, 2023 42,920 6,649 7,436 5,587 118.5 54.2 Oct 31, 2023 J-GAAP
Apr - Sep, 2024 44,881 7,416 7,150 5,453 117.2 52.0 Oct 31, 2024 J-GAAP
YoY +4.6% +11.5% -3.8% -2.4% -1.1%

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 45,000 7,200 7,340 5,600 120.4 － Jul 31, 2024 J-GAAP
Apr - Sep, 2024 Results 44,881 7,416 7,150 5,453 117.2 － Oct 31, 2024 J-GAAP
Revision Rate -0.3% +3.0% -2.6% -2.6% -2.6%

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 43,718 5,952 6,281 4,848 103.4 101 Apr 26, 2024 J-GAAP
Oct - Mar, 2024 Guidance 45,419 6,184 6,590 4,907 106.4 108 Oct 31, 2024 J-GAAP
YoY +3.9% +3.9% +4.9% +1.2% +2.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 84,316 9,926 10,510 7,619 161.1 78 Apr 28, 2023 J-GAAP
Mar, 2024 86,638 12,601 13,717 10,435 222.6 101 Apr 26, 2024 J-GAAP
Mar, 2025 Guidance 90,300 13,600 13,740 10,360 224.7 108 Jul 31, 2024 J-GAAP
YoY +4.2% +7.9% +0.2% -0.7% +1.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 21,720 3,139 3,240 2,669 56.6 14.5 Oct 31, 2023 J-GAAP
Oct - Dec, 2023 22,412 3,230 3,027 2,402 51.1 14.4 Jan 31, 2024 J-GAAP
Jan - Mar, 2024 21,306 2,722 3,254 2,446 52.2 12.8 Apr 26, 2024 J-GAAP
Apr - Jun, 2024 22,588 3,988 4,572 3,340 71.8 17.7 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 22,293 3,428 2,578 2,113 45.4 15.4 Oct 31, 2024 J-GAAP
YoY +2.6% +9.2% -20.4% -20.8% -19.8%

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