NAKAYAMA STEEL WORKS, LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 25%

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Wed Nov 6, 2024 1:30 pm JST Earnings

5408 NAKAYAMA STEEL WORKS, LTD. 【J-GAAP】

Earnings Report

NAKAYAMA STEEL WORKS, LTD. <5408> [TSE-P] announced its financial results in the afternoon session on November 6th (13:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 28.0% from the same period last year to 4.69 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 25.0%, from the previous forecast of 10 billion yen to 7.5 billion yen (compared to 12.2 billion yen in the previous period), leading to an increase in the profit decline rate from 18.3% to 38.7%.

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 significant drop by 51.0% from the same period last year to 2.8 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.13 billion yen, a 21.1% decrease compared to the same period last year. The operating profit margin worsened from 6.1% in the same period last year to 5.2%.

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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	93,273	7,780	7,711	5,976	110.4	57.7	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	92,883	6,558	6,527	4,395	81.2	53.3	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	89,533	4,783	4,699	3,215	59.4	62.7	Nov 6, 2024	J-GAAP
YoY	-3.6%	-27.1%	-28.0%	-26.8%	-26.9%

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	90,000	4,600	4,400	3,300	60.9	18	Aug 6, 2024	J-GAAP
Apr - Sep, 2024 Results	89,533	4,783	4,699	3,215	59.4	18	Nov 6, 2024	J-GAAP
Revision Rate	-0.5%	+4.0%	+6.8%	-2.6%	-2.5%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	178,000	10,700	10,000	7,200	132.9	40	Aug 6, 2024	J-GAAP
Mar, 2025 New	172,000	8,100	7,500	5,500	101.5	40	Nov 6, 2024	J-GAAP
Revision Rate	-3.4%	-24.3%	-25.0%	-23.6%	-23.6%

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	91,562	5,769	5,717	4,509	83.3	31	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	82,467	3,317	2,801	2,285	42.2	22	Nov 6, 2024	J-GAAP
YoY	-9.9%	-42.5%	-51.0%	-49.3%	-49.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	188,514	13,644	13,371	10,227	188.9	55	May 9, 2023	J-GAAP
Mar, 2024	184,445	12,327	12,244	8,904	164.4	50	May 8, 2024	J-GAAP
Mar, 2025 Guidance	172,000	8,100	7,500	5,500	101.5	40	Nov 6, 2024	J-GAAP
YoY	-6.7%	-34.3%	-38.7%	-38.2%	-38.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	45,453	2,781	2,700	1,510	27.9	6.1	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	45,352	2,940	2,891	2,127	39.3	6.5	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	46,210	2,829	2,826	2,382	44.0	6.1	May 8, 2024	J-GAAP
Apr - Jun, 2024	47,682	2,593	2,568	1,699	31.4	5.4	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	41,851	2,190	2,131	1,516	28.0	5.2	Nov 6, 2024	J-GAAP
YoY	-7.9%	-21.3%	-21.1%	+0.4%	+0.4%