OSAKA STEEL CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 29% Decrease

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Wed Oct 30, 2024 1:00 pm JST Earnings

5449 OSAKA STEEL CO.,LTD. 【J-GAAP】

Earnings Report

OSAKA STEEL CO.,LTD. <5449> [TSE-S] announced its financial results in the afternoon session on October 30th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 46.6% from the same period last year to 1.9 billion yen, resulting in a decrease in profits compared to the previous forecast of a 12.3% increase.

In addition, the full-year consolidated ordinary profit has downwardly by 30.8%, from the previous forecast of 6.5 billion yen to 4.5 billion yen (compared to 6.3 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 28.6% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 5.2% from the same period last year to 2.59 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 1.62 billion yen (compared to a profit of 674 million yen in the same period last year). The operating profit margin worsened from 3.1% in the same period last year to 0.9%.

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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	55,192	4,163	4,741	2,208	56.7	74.3	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	57,557	3,611	3,562	2,278	58.5	56.5	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	59,949	2,394	1,901	1,158	29.8	42.2	Oct 30, 2024	J-GAAP
YoY	+4.2%	-33.7%	-46.6%	-49.2%	-49.1%

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	60,000	3,400	4,000	2,600	66.8	15	Jul 30, 2024	J-GAAP
Apr - Sep, 2024 Results	59,949	2,394	1,901	1,158	29.8	15	Oct 30, 2024	J-GAAP
Revision Rate	-0.1%	-29.6%	-52.5%	-55.5%	-55.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	120,000	5,900	6,500	4,400	113.1	34	Jul 30, 2024	J-GAAP
Mar, 2025 New	115,000	5,300	4,500	2,800	71.9	34	Oct 30, 2024	J-GAAP
Revision Rate	-4.2%	-10.2%	-30.8%	-36.4%	-36.4%

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	59,783	3,402	2,742	843	21.7	14.50	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	55,051	2,906	2,599	1,642	42.2	19	Oct 30, 2024	J-GAAP
YoY	-7.9%	-14.6%	-5.2%	+94.8%	+94.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	117,141	5,935	6,384	2,903	74.6	22.50	Apr 27, 2023	J-GAAP
Mar, 2024	117,340	7,013	6,304	3,121	80.2	24.50	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	115,000	5,300	4,500	2,800	71.9	34	Oct 30, 2024	J-GAAP
YoY	-2.0%	-24.4%	-28.6%	-10.3%	-10.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	26,670	837	674	264	6.8	3.1	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	29,087	1,512	1,249	278	7.1	5.2	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	30,696	1,890	1,493	565	14.5	6.2	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	31,626	2,151	3,526	2,317	59.6	6.8	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	28,323	243	-1,625	-1,159	-29.8	0.9	Oct 30, 2024	J-GAAP
YoY	+6.2%	-71.0%	－	－	－