KYOEI STEEL LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 17%

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Thu Oct 31, 2024 1:00 pm JST Earnings

5440 KYOEI STEEL LTD. 【J-GAAP】

Earnings Report

KYOEI STEEL LTD. <5440> [TSE-P] announced its financial results in the afternoon session on October 31st (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 38.6% from the same period last year to 6.13 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 16.7%, from the previous forecast of 18 billion yen to 15 billion yen (compared to 21 billion yen in the previous period), leading to an increase in the profit decline rate from 14.4% to 28.7%.

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 19.7% from the same period last year to 8.86 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 2.27 billion yen, a 55.5% decrease compared to the same period last year. The operating profit margin drastically worsened from 6.4% in the same period last year to 3.4%.

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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	182,838	6,084	6,482	4,057	93.3	44.2	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	155,538	9,941	9,996	7,861	180.9	47.5	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	161,037	5,915	6,135	5,066	116.6	40.9	Oct 31, 2024	J-GAAP
YoY	+3.5%	-40.5%	-38.6%	-35.6%	-35.6%

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	163,000	6,000	6,500	5,000	115.1	30	Jul 31, 2024	J-GAAP
Apr - Sep, 2024 Results	161,037	5,915	6,135	5,066	116.6	30	Oct 31, 2024	J-GAAP
Revision Rate	-1.2%	-1.4%	-5.6%	+1.3%	+1.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	336,000	17,500	18,000	12,500	287.6	90	Jul 31, 2024	J-GAAP
Mar, 2025 New	323,000	15,000	15,000	12,000	276.1	90	Oct 31, 2024	J-GAAP
Revision Rate	-3.9%	-14.3%	-16.7%	-4.0%	-4.0%

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	165,444	11,114	11,038	5,965	137.3	75	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	161,963	9,085	8,865	6,934	159.6	60	Oct 31, 2024	J-GAAP
YoY	-2.1%	-18.3%	-19.7%	+16.2%	+16.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	355,715	14,819	14,671	13,108	301.6	80	Apr 28, 2023	J-GAAP
Mar, 2024	320,982	21,055	21,034	13,826	318.1	90	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	323,000	15,000	15,000	12,000	276.1	90	Oct 31, 2024	J-GAAP
YoY	+0.6%	-28.8%	-28.7%	-13.2%	-13.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	78,913	5,065	5,102	3,917	90.1	6.4	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	81,953	4,808	4,864	3,709	85.4	5.9	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	83,491	6,306	6,174	2,256	51.9	7.6	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	78,290	3,091	3,863	2,632	60.6	3.9	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	82,747	2,824	2,272	2,434	56.0	3.4	Oct 31, 2024	J-GAAP
YoY	+4.9%	-44.2%	-55.5%	-37.9%	-37.9%