AICHI STEEL CORPORATION, The Current Fiscal Year Net Income Revised Upward by 73%, Dividend Revised Upward by 70 yen

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Thu Oct 31, 2024 2:40 pm JST Earnings

5482 AICHI STEEL CORPORATION 【IFRS】

Earnings Report

AICHI STEEL CORPORATION <5482> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on October 31st (14:40). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 48.3% from the same period last year to 1.68 billion yen.

However, the full-year consolidated net income has been revised upward by 73.0%, from the previous forecast of 3.7 billion yen to 6.4 billion yen (compared to 6.59 billion yen in the previous period), and the declining rate is expected to decrease from 43.9% to 2.9%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 41.3% from the same period last year, reaching 4.71 billion yen.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 70 yen to 140 yen (compared to 100 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated net income dropped to 561 million yen, a 42.6% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 2.2% in the same period last year to 2.5%.

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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	139,809	291	1,206	223	11.3	29.4	Oct 28, 2022	IFRS
Apr - Sep, 2023	149,314	4,722	5,217	3,254	164.9	47.7	Oct 31, 2023	IFRS
Apr - Sep, 2024	144,963	3,298	3,008	1,683	85.2	30.7	Oct 31, 2024	IFRS
YoY	-2.9%	-30.2%	-42.3%	-48.3%	-48.3%

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	144,000	1,300	1,300	300	15.2	35	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	144,963	3,298	3,008	1,683	85.2	70	Oct 31, 2024	IFRS
Revision Rate	+0.7%	+153.7%	+131.4%	+461.0%	+461.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	300,000	7,000	7,000	3,700	187.3	70	Apr 26, 2024	IFRS
Mar, 2025 New	300,000	10,000	9,800	6,400	324.0	140	Oct 31, 2024	IFRS
Revision Rate	0.0%	+42.9%	+40.0%	+73.0%	+73.0%

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	147,202	5,650	5,730	3,339	169.2	60	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	155,037	6,702	6,792	4,717	238.8	70	Oct 31, 2024	IFRS
YoY	+5.3%	+18.6%	+18.5%	+41.3%	+41.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	285,141	3,260	4,099	1,610	81.7	30	Apr 27, 2023	IFRS
Mar, 2024	296,516	10,372	10,947	6,593	334.0	100	Apr 26, 2024	IFRS
Mar, 2025 Guidance	300,000	10,000	9,800	6,400	324.0	140	Oct 31, 2024	IFRS
YoY	+1.2%	-3.6%	-10.5%	-2.9%	-3.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	75,501	1,655	1,641	977	49.5	2.2	Oct 31, 2023	IFRS
Oct - Dec, 2023	77,654	4,382	4,339	2,859	144.9	5.6	Feb 2, 2024	IFRS
Jan - Mar, 2024	69,548	1,268	1,391	480	24.3	1.8	Apr 26, 2024	IFRS
Apr - Jun, 2024	71,933	1,485	1,875	1,122	56.9	2.1	Jul 31, 2024	IFRS
Jul - Sep, 2024	73,030	1,813	1,133	561	28.4	2.5	Oct 31, 2024	IFRS
YoY	-3.3%	+9.5%	-31.0%	-42.6%	-42.6%