Mitsubishi Steel Mfg. Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 13%, Dividend Revised Upward by 4 yen

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Thu Nov 7, 2024 3:00 pm JST Earnings

5632 Mitsubishi Steel Mfg. Co.,Ltd. 【J-GAAP】

Earnings Report

Mitsubishi Steel Mfg. Co.,Ltd. <5632> [TSE-P] announced its financial results in the afternoon session on November 7th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 19.7% from the same period last year to 1.66 billion yen, resulting in a decrease in profits compared to the previous forecast of a 6.2% increase.

However, the full-year consolidated ordinary profit has been revised upward by 12.7%, from the previous forecast of 5.5 billion yen to 6.2 billion yen (compared to 1.94 billion yen in the previous period), increasing the growth rate from 2.8 times to 3.2 times.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a profit of 4.53 billion yen (compared to a loss of 122 million yen in the same period last year).

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 60 yen to 64 yen (compared to 60 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 419 million yen, a 70.3% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 4.6% in the same period last year to 4.6%.

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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	82,333	1,700	1,713	1,356	88.3	45.8	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	86,620	2,872	2,071	922	60.2	106.3	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	80,516	3,163	1,663	32	2.1	26.8	Nov 7, 2024	J-GAAP
YoY	-7.0%	+10.1%	-19.7%	-96.5%	-96.5%

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	83,000	2,800	2,200	700	46.0	30	Aug 8, 2024	J-GAAP
Apr - Sep, 2024 Results	80,516	3,163	1,663	32	2.1	30	Nov 7, 2024	J-GAAP
Revision Rate	-3.0%	+13.0%	-24.4%	-95.4%	-95.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	175,000	6,800	5,500	3,000	198.4	60	Aug 8, 2024	J-GAAP
Mar, 2025 New	165,000	8,000	6,200	3,300	218.3	64	Nov 7, 2024	J-GAAP
Revision Rate	-5.7%	+17.6%	+12.7%	+10.0%	+10.0%

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	83,323	1,936	-122	-1,891	-123.9	35	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	84,484	4,837	4,537	3,268	216.1	34	Nov 7, 2024	J-GAAP
YoY	+1.4%	+149.8%	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	170,537	5,547	3,743	2,190	142.6	50	May 15, 2023	J-GAAP
Mar, 2024	169,943	4,808	1,949	-969	-63.5	60	May 13, 2024	J-GAAP
Mar, 2025 Guidance	165,000	8,000	6,200	3,300	218.3	64	Nov 7, 2024	J-GAAP
YoY	-2.9%	+66.4%	+218.1%	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	45,332	2,066	1,409	889	58.0	4.6	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	39,341	-89	-1,234	-1,487	-97.4	-0.2	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	43,982	2,025	1,112	-404	-26.5	4.6	May 13, 2024	J-GAAP
Apr - Jun, 2024	40,569	1,344	1,244	147	9.7	3.3	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	39,947	1,819	419	-115	-7.6	4.6	Nov 7, 2024	J-GAAP
YoY	-11.9%	-12.0%	-70.3%	－	－