JTEKT Corporation, The Current Fiscal Year Net Income Revised Downward by 43%, Dividend Revised Upward by 20 yen

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Thu Oct 31, 2024 3:00 pm JST Earnings

6473 JTEKT Corporation 【IFRS】

Earnings Report

JTEKT Corporation <6473> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 31st (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 73.0% from the same period last year to 6.23 billion yen.

In addition, the full-year consolidated net income has downwardly by 42.9%, from the previous forecast of 35 billion yen to 20 billion yen (compared to 40.2 billion yen in the previous period), leading to an increase in the profit decline rate from 13.1% to 50.3%.

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 decrease by 19.7% from the same period last year to 13.7 billion yen.

At the same time, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 30 yen to 50 yen (compared to 36 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a loss of 4.58 billion yen (compared to a profit of 8.13 billion yen in the same period last year). The operating profit margin remained almost flat, changing from 3.3% in the same period last year to 3.2%.

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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	804,576	18,822	26,431	12,233	35.7	47.3	Oct 28, 2022	IFRS
Apr - Sep, 2023	922,231	34,623	41,517	23,114	67.4	57.3	Oct 31, 2023	IFRS
Apr - Sep, 2024	918,479	25,540	19,499	6,231	18.2	48.7	Oct 31, 2024	IFRS
YoY	-0.4%	-26.2%	-53.0%	-73.0%	-73.0%

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	ー	ー	ー	ー	－	15	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	918,479	25,540	19,499	6,231	18.2	25	Oct 31, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,930,000	ー	68,500	35,000	102.0	30	Apr 26, 2024	IFRS
Mar, 2025 New	1,830,000	ー	40,000	20,000	58.3	50	Oct 31, 2024	IFRS
Revision Rate	-5.2%	－	-41.6%	-42.9%	-42.9%

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	969,273	27,573	30,996	17,143	50.0	20	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	911,521	ー	20,501	13,769	40.1	25	Oct 31, 2024	IFRS
YoY	-6.0%	－	-33.9%	-19.7%	-19.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,678,146	49,325	55,889	34,276	99.9	30	Apr 27, 2023	IFRS
Mar, 2024	1,891,504	62,196	72,513	40,257	117.4	36	Apr 26, 2024	IFRS
Mar, 2025 Guidance	1,830,000	ー	40,000	20,000	58.3	50	Oct 31, 2024	IFRS
YoY	-3.3%	－	-44.8%	-50.3%	-50.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	476,550	15,769	16,577	8,131	23.7	3.3	Oct 31, 2023	IFRS
Oct - Dec, 2023	489,596	22,737	19,686	13,297	38.8	4.6	Feb 2, 2024	IFRS
Jan - Mar, 2024	479,677	4,836	11,310	3,846	11.2	1.0	Apr 26, 2024	IFRS
Apr - Jun, 2024	464,057	11,144	16,758	10,813	31.5	2.4	Jul 31, 2024	IFRS
Jul - Sep, 2024	454,422	14,396	2,741	-4,582	-13.4	3.2	Oct 31, 2024	IFRS
YoY	-4.6%	-8.7%	-83.5%	－	－