MITSUI E&S, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 6% Increase, Dividend Revised Upward by 2 yen

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Wed Feb 12, 2025 2:30 pm JST Earnings

7003 MITSUI E&S Co., Ltd. 【J-GAAP】

Earnings Report

MITSUI E&S Co., Ltd. <7003> [TSE Prime] announced its financial results in the afternoon session on February 12th (14:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 19.2 billion yen, an increase 65.1% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward 22.2%, from the previous forecast of 18 billion yen to 22 billion yen (compared to 20.7 billion yen in the previous period), turning to a 6.2% increase in the consolidated ordinary profit outlook.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has been revised upward 85.3%, from the previous forecast of 4.69 billion yen to 8.69 billion yen (compared to 14.8 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 68.3% to 41.3%.

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 18 yen to 20 yen (compared to 5 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 3.5% from the same period last year, reaching 5.98 billion yen. However, the operating profit margin worsened from 8.6% in the same period last year to 6.2%.

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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	173,194	-2,542	-447	2,215	22.1	ー	Feb 13, 2023	J-GAAP
Apr - Dec, 2023	215,361	13,473	11,682	11,030	112.5	56.4	Feb 14, 2024	J-GAAP
Apr - Dec, 2024	218,746	13,756	19,290	35,194	346.9	87.7	Feb 12, 2025	J-GAAP
YoY	+1.6%	+2.1%	+65.1%	+219.1%	+208.4%

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	154,959	7,784	4,690	2,715	26.9	18	Nov 12, 2024	J-GAAP
Oct - Mar, 2024 New	154,959	7,784	8,690	5,715	56.7	20	Feb 12, 2025	J-GAAP
Revision Rate	0.0%	0.0%	+85.3%	+110.5%	+110.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	300,000	17,000	18,000	35,000	346.9	18	Aug 8, 2024	J-GAAP
Mar, 2025 New	300,000	17,000	22,000	38,000	376.7	20	Feb 12, 2025	J-GAAP
Revision Rate	0.0%	0.0%	+22.2%	+8.6%	+8.6%

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	166,339	12,984	14,808	21,050	214.9	5	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	154,959	7,784	8,690	5,715	56.7	20	Feb 12, 2025	J-GAAP
YoY	-6.8%	-40.0%	-41.3%	-72.9%	-73.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	262,301	9,376	12,532	15,554	177.5	3	May 15, 2023	J-GAAP
Mar, 2024	301,875	19,630	20,711	25,051	255.7	5	May 14, 2024	J-GAAP
Mar, 2025 Guidance	300,000	17,000	22,000	38,000	376.7	20	Feb 12, 2025	J-GAAP
YoY	-0.6%	-13.4%	+6.2%	+51.7%	+47.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	79,825	6,827	5,779	7,029	71.7	8.6	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	86,514	6,157	9,029	14,021	143.1	7.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	70,062	4,299	8,656	28,793	283.7	6.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	74,979	4,917	4,654	3,492	34.4	6.6	Nov 12, 2024	J-GAAP
Oct - Dec, 2024	73,705	4,540	5,980	2,909	28.7	6.2	Feb 12, 2025	J-GAAP
YoY	-7.7%	-33.5%	+3.5%	-58.6%	-60.0%