JFE Systems, Inc., First Half Ordinary Profit Decreases by 18%

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Tue Oct 29, 2024 3:00 pm JST Earnings

4832 JFE Systems, Inc. 【J-GAAP】

Earnings Report

JFE Systems, Inc. <4832> [TSE-S] announced its financial results after the market closed on October 29th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 17.5% from the same period last year to 3.35 billion yen. However, The progress rate against the 6.7 billion yen full-year plan was 50.1%, also surpassing the five-year average of 45.4%.

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 decrease by 1.2% from the same period last year to 3.34 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.99 billion yen, a 11.8% decrease compared to the same period last year. The operating profit margin decreased from 14.5% in the same period last year to 13.1%.

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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	27,133	2,779	2,804	1,840	117.2	44.6	Oct 26, 2022	J-GAAP
Apr - Sep, 2023	30,799	4,046	4,067	2,704	172.2	54.6	Oct 26, 2023	J-GAAP
Apr - Sep, 2024	29,891	3,328	3,355	2,289	145.7	50.1	Oct 29, 2024	J-GAAP
YoY	-2.9%	-17.7%	-17.5%	-15.3%	-15.3%

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	－	51	Apr 25, 2024	J-GAAP
Apr - Sep, 2024 Results	29,891	3,328	3,355	2,289	145.7	51	Oct 29, 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	31,234	3,356	3,385	2,265	144.2	57	Apr 25, 2024	J-GAAP
Oct - Mar, 2024 Guidance	32,239	3,312	3,345	2,261	144.0	51	Oct 29, 2024	J-GAAP
YoY	+3.2%	-1.3%	-1.2%	-0.2%	-0.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	56,472	6,248	6,282	4,323	275.3	97	Apr 27, 2023	J-GAAP
Mar, 2024	62,033	7,402	7,452	4,969	316.4	121	Apr 25, 2024	J-GAAP
Mar, 2025 Guidance	62,130	6,640	6,700	4,550	289.7	102	Apr 25, 2024	J-GAAP
YoY	+0.2%	-10.3%	-10.1%	-8.4%	-8.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,630	2,261	2,263	1,525	97.1	14.5	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	15,653	1,998	2,021	1,361	86.7	12.8	Jan 26, 2024	J-GAAP
Jan - Mar, 2024	15,581	1,358	1,364	904	57.6	8.7	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	14,673	1,328	1,359	862	54.9	9.1	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	15,218	2,000	1,996	1,427	90.9	13.1	Oct 29, 2024	J-GAAP
YoY	-2.6%	-11.5%	-11.8%	-6.4%	-6.4%