SUMITOMO HEAVY INDUSTRIES,LTD., January-September (Third Quarter Cumulative) Ordinary Profit Decreases by 30%, July-September Ordinary Profit Decreases by 92%

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Thu Oct 31, 2024 3:00 pm JST Earnings

6302 SUMITOMO HEAVY INDUSTRIES,LTD. 【J-GAAP】

Earnings Report

SUMITOMO HEAVY INDUSTRIES,LTD. <6302> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) decreased by 29.9% from the same period last year to 35.2 billion yen. The progress rate against the 61 billion yen full-year plan was 57.9%, also falling below the same period of the previous year of 71.7%.

Based on the third-quarter cumulative performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to December period (4Q) is expected to grow by 29.3% from the same period last year, reaching 25.7 billion yen.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit significantly dropped to 1.43 billion yen, a 91.8% decrease compared to the same period last year. The operating profit margin drastically worsened from 7.3% in the same period last year to 3.1%.

Kabutan News

Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022 Changed	854,093	44,803	43,253	5,782	47.2	61.6	Feb 13, 2023	J-GAAP
Jan - Sep, 2023	772,505	49,732	50,362	34,319	280.2	71.7	Nov 9, 2023	J-GAAP
Jan - Sep, 2024	772,072	41,050	35,289	24,297	200.6	57.9	Oct 31, 2024	J-GAAP
YoY	-0.1%	-17.5%	-29.9%	-29.2%	-28.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	571,474	43,712	37,361	10,266	83.8	60	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	549,647	31,670	27,142	14,491	120.6	65	Aug 7, 2024	J-GAAP
YoY	-3.8%	-27.5%	-27.4%	+41.2%	+43.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022 Changed	854,093	44,803	43,253	5,782	47.2	90	Feb 13, 2023	J-GAAP
Dec, 2023	1,081,533	74,367	70,250	32,742	267.3	120	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	1,070,000	65,000	61,000	38,000	316.2	125	Aug 7, 2024	J-GAAP
YoY	-1.1%	-12.6%	-13.2%	+16.1%	+18.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	262,446	19,077	17,473	11,843	96.7	7.3	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	309,028	24,635	19,888	-1,577	-12.9	8.0	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	254,811	18,434	18,766	13,599	111.1	7.2	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	265,542	14,896	15,092	9,910	81.5	5.6	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	251,719	7,720	1,431	788	6.5	3.1	Oct 31, 2024	J-GAAP
YoY	-4.1%	-59.5%	-91.8%	-93.3%	-93.3%