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Mitsubishi Electric Corporation, July-September (2Q) Net Income Increases by 11%, The Undetermined Dividend Set at 50 yen

Thu Oct 31, 2024 3:30 pm JST Earnings

6503 Mitsubishi Electric Corporation 【IFRS】

Earnings Report

Mitsubishi Electric Corporation <6503> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 31st (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 118 billion yen, a 1.3% decrease compared to the same period last year. The progress rate against the 315 billion yen full-year plan was 37.7%, almost the same as the five-year average of 39.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 19.2% from the same period last year, reaching 196 billion yen.

At the same time, the company has decided to implement a annual dividend of 50 yen for the current fiscal year, which was previously undecided (compared to 50 yen in the prior term).

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 11.4% from the same period last year, reaching 69.5 billion yen. The operating profit margin significantly improved from 5.7% in the same period last year to 8.7%.

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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 2,339,567 80,503 103,111 74,825 35.4 35.3 Oct 28, 2022 IFRS
Apr - Sep, 2023 2,538,471 135,839 159,786 120,228 57.1 43.7 Oct 31, 2023 IFRS
Apr - Sep, 2024 2,643,597 176,682 176,744 118,640 56.9 41.1 Oct 31, 2024 IFRS
YoY +4.1% +30.1% +10.6% -1.3% -0.4%

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 ー ー ー ー － 20 May 9, 2024 IFRS
Apr - Sep, 2024 Results 2,643,597 176,682 176,744 118,640 56.9 20 Oct 31, 2024 IFRS
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 5,390,000 400,000 430,000 315,000 151.8 － Jul 31, 2024 IFRS
Mar, 2025 New 5,390,000 400,000 430,000 315,000 151.8 50 Oct 31, 2024 IFRS
Revision Rate 0.0% 0.0% 0.0% 0.0% 0.0%

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 2,719,443 192,686 206,067 164,721 78.5 30 Apr 26, 2024 IFRS
Oct - Mar, 2024 Guidance 2,746,403 223,318 253,256 196,360 94.6 30 Oct 31, 2024 IFRS
YoY +1.0% +15.9% +22.9% +19.2% +20.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 5,003,694 262,352 292,179 213,908 101.3 40 Apr 28, 2023 IFRS
Mar, 2024 5,257,914 328,525 365,853 284,949 135.7 50 Apr 26, 2024 IFRS
Mar, 2025 Guidance 5,390,000 400,000 430,000 315,000 151.8 50 Oct 31, 2024 IFRS
YoY +2.5% +21.8% +17.5% +10.5% +11.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 1,318,171 74,834 82,902 62,394 29.6 5.7 Oct 31, 2023 IFRS
Oct - Dec, 2023 1,243,935 86,494 89,237 65,869 31.3 7.0 Feb 5, 2024 IFRS
Jan - Mar, 2024 1,475,508 106,192 116,830 98,852 47.1 7.2 Apr 26, 2024 IFRS
Apr - Jun, 2024 1,286,484 58,659 76,125 49,138 23.5 4.6 Jul 31, 2024 IFRS
Jul - Sep, 2024 1,357,113 118,023 100,619 69,502 33.3 8.7 Oct 31, 2024 IFRS
YoY +3.0% +57.7% +21.4% +11.4% +12.4%

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