JFE Holdings,Inc., The Current Fiscal Year Net Income Revised Downward to an Unexpected 34% Decrease, Dividend Revised down by 10 yen

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Wed Nov 6, 2024 3:30 pm JST Earnings

5411 JFE Holdings,Inc. 【IFRS】

Earnings Report

JFE Holdings,Inc. <5411> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 6th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 61.4% from the same period last year to 42.4 billion yen.

In addition, the full-year consolidated net income has downwardly by 36.6%, from the previous forecast of 205 billion yen to 130 billion yen (compared to 197 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 34.2% decrease in profit.

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 nearly flat at 87.5 billion yen, up 0.2% from the same period last year.

Due to a decline in performance, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 110 yen to 100 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 significantly dropped to 14.9 billion yen, a 70.4% decrease compared to the same period last year. The operating profit margin drastically worsened from 6.0% in the same period last year to 2.0%.

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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	2,564,335	187,915	181,246	123,256	213.2	86.2	Nov 4, 2022	IFRS
Apr - Sep, 2023	2,576,588	164,346	155,363	110,091	187.0	57.9	Nov 6, 2023	IFRS
Apr - Sep, 2024	2,450,781	69,788	59,963	42,485	66.8	33.3	Nov 6, 2024	IFRS
YoY	-4.9%	-57.5%	-61.4%	-61.4%	-64.3%

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	2,460,000	ー	65,000	45,000	70.8	50	Aug 5, 2024	IFRS
Apr - Sep, 2024 Results	2,450,781	69,788	59,963	42,485	66.8	50	Nov 6, 2024	IFRS
Revision Rate	-0.4%	－	-7.7%	-5.6%	-5.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	5,240,000	ー	275,000	205,000	322.3	110	Aug 5, 2024	IFRS
Mar, 2025 New	4,970,000	ー	180,000	130,000	204.4	100	Nov 6, 2024	IFRS
Revision Rate	-5.2%	－	-34.5%	-36.6%	-36.6%

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	2,598,044	122,657	113,023	87,330	143.0	50	May 7, 2024	IFRS
Oct - Mar, 2024 Guidance	2,519,219	ー	120,037	87,515	137.6	50	Nov 6, 2024	IFRS
YoY	-3.0%	－	+6.2%	+0.2%	-3.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	5,268,794	225,086	210,282	162,621	280.7	80	May 8, 2023	IFRS
Mar, 2024	5,174,632	287,003	268,386	197,421	323.3	100	May 7, 2024	IFRS
Mar, 2025 Guidance	4,970,000	ー	180,000	130,000	204.4	100	Nov 6, 2024	IFRS
YoY	-4.0%	－	-32.9%	-34.2%	-36.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,314,502	79,522	75,480	50,489	85.8	6.0	Nov 6, 2023	IFRS
Oct - Dec, 2023	1,289,159	76,269	70,988	52,831	87.6	5.9	Feb 6, 2024	IFRS
Jan - Mar, 2024	1,308,885	46,388	42,035	34,499	56.5	3.5	May 7, 2024	IFRS
Apr - Jun, 2024	1,211,141	44,704	39,570	27,516	43.3	3.7	Aug 5, 2024	IFRS
Jul - Sep, 2024	1,239,640	25,084	20,393	14,969	23.5	2.0	Nov 6, 2024	IFRS
YoY	-5.7%	-68.5%	-73.0%	-70.4%	-72.5%