Tohoku Steel Co.,Ltd., First Half Ordinary Profit Unexpectedly Revised Upward by 28%, Current Fiscal Year Dividend Revised Upward by 5 yen

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Wed Oct 30, 2024 4:00 pm JST Earnings

5484 Tohoku Steel Co.,Ltd. 【J-GAAP】

Earnings Report

Tohoku Steel Co.,Ltd. <5484> [TSE-S] announced its financial results after the market closed on October 30th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 28.3% from the same period last year, reaching 761 million yen, resulting in an increase in profits compared to the previous forecast of a 7.3% decrease.

The progress rate against the 1.48 billion yen full-year plan was 51.4%, almost the same as the five-year average of 49.1%.

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 9.1% from the same period last year to 719 million yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 35 yen to 40 yen (compared to 26 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 79.0% from the same period last year, reaching 315 million yen. The operating profit margin significantly improved from 3.1% in the same period last year to 6.3%.

Kabutan News

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	10,477	787	870	670	89.0	61.1	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	10,706	501	593	609	80.9	42.8	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	10,793	694	761	547	72.7	51.4	Oct 30, 2024	J-GAAP
YoY	+0.8%	+38.5%	+28.3%	-10.2%	-10.1%

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	10,900	490	550	420	55.8	15	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	10,793	694	761	547	72.7	20	Oct 30, 2024	J-GAAP
Revision Rate	-1.0%	+41.6%	+38.4%	+30.2%	+30.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	22,600	1,380	1,480	1,170	155.4	35	May 14, 2024	J-GAAP
Mar, 2025 New	22,600	1,380	1,480	1,170	155.4	40	Oct 30, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

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	10,631	762	791	365	48.5	16	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	11,807	686	719	623	82.8	20	Oct 30, 2024	J-GAAP
YoY	+11.1%	-10.0%	-9.1%	+70.7%	+70.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	21,557	1,297	1,424	1,118	148.5	33	May 11, 2023	J-GAAP
Mar, 2024	21,337	1,263	1,384	974	129.4	26	May 14, 2024	J-GAAP
Mar, 2025 Guidance	22,600	1,380	1,480	1,170	155.4	40	Oct 30, 2024	J-GAAP
YoY	+5.9%	+9.3%	+6.9%	+20.1%	+20.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,230	161	176	191	25.4	3.1	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	5,256	316	337	235	31.2	6.0	Jan 29, 2024	J-GAAP
Jan - Mar, 2024	5,375	446	454	130	17.3	8.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	5,556	362	446	321	42.7	6.5	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	5,237	332	315	226	30.0	6.3	Oct 30, 2024	J-GAAP
YoY	+0.1%	+106.2%	+79.0%	+18.3%	+18.4%