Sumitomo Electric Industries, Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 5%, Adds to Record High Profit Forecast, Dividend Revised Upward by 5 yen

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Fri Nov 1, 2024 3:00 pm JST Earnings

5802 Sumitomo Electric Industries, Ltd. 【J-GAAP】

Earnings Report

Sumitomo Electric Industries, Ltd. <5802> [TSE-P] announced its financial results after the market closed on November 1st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.0 times that of the same period last year, reaching 121 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 4.9%, from the previous forecast of 243 billion yen to 255 billion yen (compared to 215 billion yen in the previous period), increasing the growth rate from 12.8% to 18.4%, further surpassing the previous forecast of record-high profits for two consecutive terms.

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 13.8% from the same period last year to 133 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 72 yen to 77 yen (compared to 77 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 44.3% from the same period last year, reaching 62.9 billion yen. The operating profit margin improved from 4.5% in the same period last year to 5.8%.

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	1,891,076	49,739	60,874	35,068	45.0	35.1	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	2,072,103	67,329	60,759	26,696	34.2	28.2	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	2,247,778	119,315	121,704	75,755	97.1	47.7	Nov 1, 2024	J-GAAP
YoY	+8.5%	+77.2%	+100.3%	+183.8%	+183.8%

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	2,260,000	106,000	107,000	55,000	70.5	36	Aug 1, 2024	J-GAAP
Apr - Sep, 2024 Results	2,247,778	119,315	121,704	75,755	97.1	36	Nov 1, 2024	J-GAAP
Revision Rate	-0.5%	+12.6%	+13.7%	+37.7%	+37.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,600,000	250,000	243,000	145,000	185.9	72	Aug 1, 2024	J-GAAP
Mar, 2025 New	4,550,000	260,000	255,000	150,000	192.3	77	Nov 1, 2024	J-GAAP
Revision Rate	-1.1%	+4.0%	+4.9%	+3.4%	+3.4%

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	2,330,711	159,289	154,582	123,027	157.8	52	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,302,222	140,685	133,296	74,245	95.2	41	Nov 1, 2024	J-GAAP
YoY	-1.2%	-11.7%	-13.8%	-39.7%	-39.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	4,005,561	177,443	173,348	112,654	144.5	50	May 12, 2023	J-GAAP
Mar, 2024	4,402,814	226,618	215,341	149,723	192.0	77	May 10, 2024	J-GAAP
Mar, 2025 Guidance	4,550,000	260,000	255,000	150,000	192.3	77	Nov 1, 2024	J-GAAP
YoY	+3.3%	+14.7%	+18.4%	+0.2%	+0.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,077,980	48,393	43,611	24,768	31.8	4.5	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	1,149,823	81,003	78,682	50,496	64.8	7.0	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	1,180,888	78,286	75,900	72,531	93.0	6.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	1,115,547	53,285	58,793	31,763	40.7	4.8	Aug 1, 2024	J-GAAP
Jul - Sep, 2024	1,132,231	66,030	62,911	43,992	56.4	5.8	Nov 1, 2024	J-GAAP
YoY	+5.0%	+36.4%	+44.3%	+77.6%	+77.6%