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Japan's Meiji expects income to grow 9.1% in FY'20

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Japan's Meiji expects income to grow 9.1% in FY'20

Meiji Holdings Co. Ltd. expects a 9.1% jump in income in the fiscal year ending March 31, 2020, after reporting a marginal increase in earnings in the fiscal year ended March 31.

For that period, the Japanese confectionery company's net income attributable to shareholders of the parent came in at ¥61.87 billion, up 1% from ¥61.28 billion in the year-ago period, but missing the S&P Global Market Intelligence consensus GAAP net income estimate of ¥71.14 billion.

EPS came in at ¥426.61, up from ¥422.15 the prior year, but also below the Market Intelligence consensus GAAP EPS estimate of ¥490.46.

Net sales for the fiscal year inched up 1.1% year over year to ¥1.254 trillion from ¥1.241 trillion a year ago as the company focused its management resources on core areas and growth areas, both in food and pharmaceutical segments.

The company declared an annual dividend of ¥140, which takes into account the year-end dividend of ¥75.

Tokyo-based Meiji said it forecasts net income for the fiscal year ending March 31, 2020 to come in at ¥67.50 billion, or EPS of ¥465.44. The company is targeting a 4.4% increase in net sales to ¥1.309 trillion.

Meanwhile, Meiji expects fiscal first-half earnings to fall 25.6% to ¥28.50 billion. It also projects dividend for the next fiscal year to remain at ¥140.

As of May 10, US$1 was equivalent to ¥109.63.