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MITSUBISHI MOTORS CORPORATION, First Half Ordinary Profit Decreases by 43%, July-September Ordinary Profit Decreases by 55%

Wed Oct 30, 2024 5:35 pm JST Earnings

7211 MITSUBISHI MOTORS CORPORATION 【J-GAAP】

Earnings Report

MITSUBISHI MOTORS CORPORATION <7211> [TSE-P] announced its financial results after the market closed on October 30th (17:35). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 42.8% from the same period last year to 69.2 billion yen. The progress rate against the 190 billion yen full-year plan was 36.4%, also falling below the five-year average of 46.8%.

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 expand by 37.1% from the same period last year, reaching 120 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 26.8 billion yen, a 54.6% decrease compared to the same period last year. The operating profit margin worsened from 8.5% in the same period last year to 8.1%.

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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 1,158,192 84,628 101,320 82,736 55.6 55.7 Nov 2, 2022 J-GAAP
Apr - Sep, 2023 1,330,817 104,189 120,947 67,489 45.3 57.9 Oct 30, 2023 J-GAAP
Apr - Sep, 2024 1,307,382 90,737 69,235 37,951 25.5 36.4 Oct 30, 2024 J-GAAP
YoY -1.8% -12.9% -42.8% -43.8% -43.7%

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 － 7.50 May 8, 2024 J-GAAP
Apr - Sep, 2024 Results 1,307,382 90,737 69,235 37,951 25.5 7.50 Oct 30, 2024 J-GAAP
Revision Rate － － － － －

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 1,458,772 86,782 88,093 87,220 58.6 5 May 8, 2024 J-GAAP
Oct - Mar, 2024 Guidance 1,572,618 99,263 120,765 106,049 79.3 7.50 Oct 30, 2024 J-GAAP
YoY +7.8% +14.4% +37.1% +21.6% +35.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 2,458,141 190,495 182,022 168,730 113.4 5 May 9, 2023 J-GAAP
Mar, 2024 2,789,589 190,971 209,040 154,709 104.0 10 May 8, 2024 J-GAAP
Mar, 2025 Guidance 2,880,000 190,000 190,000 144,000 107.6 15 May 8, 2024 J-GAAP
YoY +3.2% -0.5% -9.1% -6.9% +3.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 695,064 59,031 59,136 19,540 13.1 8.5 Oct 30, 2023 J-GAAP
Oct - Dec, 2023 733,038 55,912 45,051 35,266 23.7 7.6 Feb 1, 2024 J-GAAP
Jan - Mar, 2024 725,734 30,870 43,042 51,954 34.9 4.3 May 8, 2024 J-GAAP
Apr - Jun, 2024 627,522 35,519 42,388 29,468 19.8 5.7 Jul 23, 2024 J-GAAP
Jul - Sep, 2024 679,860 55,218 26,847 8,483 5.7 8.1 Oct 30, 2024 J-GAAP
YoY -2.2% -6.5% -54.6% -56.6% -56.6%

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