Miyaji Engineering Group (3431) Q1 2025 earnings summary

Executive summary

• Net sales for the three months ended June 30, 2024 were ¥15,692 million, flat year-over-year, with operating profit at ¥1,210 million (down 1.6%) and ordinary profit at ¥1,309 million (down 0.5%). Profit attributable to owners of parent rose 5.0% to ¥722 million.

• Orders received totaled ¥7,890 million (down 2.5% year-over-year), with a steady outlook for large target projects in the latter half of the fiscal year.

• The company is implementing a Medium-Term Business Plan and revising targets for FY2027 due to delays in large-scale project orders.

Financial highlights

• Comprehensive income for the quarter was ¥869 million, down 34.6% year-over-year.

• Basic earnings per share for the quarter were ¥53.07 (assuming share split at the start of the previous fiscal year).

• Total assets decreased to ¥72,124 million from ¥74,146 million at the previous fiscal year-end.

• Net assets declined to ¥45,446 million, with equity-to-asset ratio at 54.0%.

Outlook and guidance

• Full-year forecast for FY2025: net sales ¥73,000 million (up 10.4%), operating profit ¥9,500 million (up 20.2%), ordinary profit ¥9,600 million (up 21.4%), profit attributable to owners of parent ¥4,400 million (up 1.0%).

• Basic earnings per share forecast for the full year is ¥161.65, reflecting the planned share split.

• The company plans a two-for-one share split effective October 1, 2024, and has revised dividend forecasts accordingly.