TOKYO STEEL MANUFACTURING CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 24%

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Fri Oct 25, 2024 3:00 pm JST Earnings

5423 TOKYO STEEL MANUFACTURING CO., LTD. 【J-GAAP】

Earnings Report

TOKYO STEEL MANUFACTURING CO., LTD. <5423> [TSE-P] announced its financial results after the market closed on October 25th (15:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 33.8% from the same period last year to 14.8 billion yen.

In addition, the full-year ordinary profit has downwardly by 24.2%, from the previous forecast of 33 billion yen to 25 billion yen (compared to 39.7 billion yen in the previous period), leading to an increase in the profit decline rate from 16.9% to 37.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to drop by 41.3% from the same period last year to 10.1 billion yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit significantly dropped to 4.64 billion yen, a 51.3% decrease compared to the same period last year. The operating profit margin sharply declined from 10.7% in the same period last year to 5.3%.

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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	178,412	20,643	21,497	18,662	163.2	54.8	Oct 21, 2022	J-GAAP
Apr - Sep, 2023	189,152	21,539	22,493	15,612	140.9	56.6	Oct 20, 2023	J-GAAP
Apr - Sep, 2024	174,270	13,917	14,894	9,831	90.6	59.6	Oct 25, 2024	J-GAAP
YoY	-7.9%	-35.4%	-33.8%	-37.0%	-35.7%

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	176,000	17,000	17,500	11,500	106.7	25	Jul 26, 2024	J-GAAP
Apr - Sep, 2024 Results	174,270	13,917	14,894	9,831	90.6	25	Oct 25, 2024	J-GAAP
Revision Rate	-1.0%	-18.1%	-14.9%	-14.5%	-15.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	364,000	32,000	33,000	22,000	207.2	50	Jul 26, 2024	J-GAAP
Mar, 2025 New	308,000	24,000	25,000	16,500	155.4	50	Oct 25, 2024	J-GAAP
Revision Rate	-15.4%	-25.0%	-24.2%	-25.0%	-25.0%

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	178,090	16,527	17,226	12,346	112.0	25	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	133,730	10,083	10,106	6,669	62.8	25	Oct 25, 2024	J-GAAP
YoY	-24.9%	-39.0%	-41.3%	-46.0%	-43.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	361,245	38,063	39,257	30,848	272.4	40	Apr 21, 2023	J-GAAP
Mar, 2024	367,242	38,066	39,719	27,958	253.5	50	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	308,000	24,000	25,000	16,500	155.4	50	Oct 25, 2024	J-GAAP
YoY	-16.1%	-37.0%	-37.1%	-41.0%	-38.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	86,397	9,253	9,537	6,767	61.1	10.7	Oct 20, 2023	J-GAAP
Oct - Dec, 2023	87,476	8,618	8,891	6,539	59.1	9.9	Jan 19, 2024	J-GAAP
Jan - Mar, 2024	90,614	7,909	8,335	5,807	52.7	8.7	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	93,948	9,695	10,249	6,559	60.2	10.3	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	80,322	4,222	4,645	3,272	30.2	5.3	Oct 25, 2024	J-GAAP
YoY	-7.0%	-54.4%	-51.3%	-51.6%	-50.6%