Chubu Steel Plate Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 33%

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Wed Oct 30, 2024 3:00 pm JST Earnings

5461 Chubu Steel Plate Co.,Ltd. 【J-GAAP】

Earnings Report

Chubu Steel Plate Co.,Ltd. <5461> [TSE-P] announced its financial results after the market closed on October 30th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 18.7% from the same period last year to 3.54 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 33.0%, from the previous forecast of 9.1 billion yen to 6.1 billion yen (compared to 10.2 billion yen in the previous period), leading to an increase in the profit decline rate from 11.0% to 40.4%.

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 significant drop by 56.5% from the same period last year to 2.55 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 681 million yen, a 23.7% decrease compared to the same period last year. The operating profit margin worsened from 7.5% in the same period last year to 6.4%.

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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	39,297	5,578	5,630	3,881	140.5	45.7	Nov 1, 2022	J-GAAP
Apr - Sep, 2023	32,709	4,425	4,363	3,044	110.1	42.7	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	30,531	3,629	3,549	2,501	92.4	58.2	Oct 30, 2024	J-GAAP
YoY	-6.7%	-18.0%	-18.7%	-17.8%	-16.1%

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	31,100	4,100	4,100	2,700	99.7	50	May 8, 2024	J-GAAP
Apr - Sep, 2024 Results	30,531	3,629	3,549	2,501	92.4	50	Oct 30, 2024	J-GAAP
Revision Rate	-1.8%	-11.5%	-13.4%	-7.4%	-7.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	68,000	9,500	9,100	6,100	225.2	101	May 8, 2024	J-GAAP
Mar, 2025 New	60,800	6,200	6,100	4,400	162.5	101	Oct 30, 2024	J-GAAP
Revision Rate	-10.6%	-34.7%	-33.0%	-27.9%	-27.9%

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	35,076	6,000	5,865	4,089	148.7	61	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	30,269	2,571	2,551	1,899	70.1	51	Oct 30, 2024	J-GAAP
YoY	-13.7%	-57.2%	-56.5%	-53.6%	-52.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	76,320	12,261	12,328	8,577	310.5	104	Apr 28, 2023	J-GAAP
Mar, 2024	67,785	10,425	10,228	7,133	259.3	91	May 8, 2024	J-GAAP
Mar, 2025 Guidance	60,800	6,200	6,100	4,400	162.5	101	Oct 30, 2024	J-GAAP
YoY	-10.3%	-40.5%	-40.4%	-38.3%	-37.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,673	1,027	893	599	21.7	7.5	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	17,729	3,124	3,109	2,124	76.9	17.6	Feb 1, 2024	J-GAAP
Jan - Mar, 2024	17,347	2,876	2,756	1,965	71.4	16.6	May 8, 2024	J-GAAP
Apr - Jun, 2024	17,487	2,800	2,868	2,044	75.5	16.0	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	13,044	829	681	457	16.9	6.4	Oct 30, 2024	J-GAAP
YoY	-4.6%	-19.3%	-23.7%	-23.7%	-22.1%