SHINAGAWA REFRACTORIES CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 13% Decrease

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Thu Nov 7, 2024 3:30 pm JST Earnings

5351 SHINAGAWA REFRACTORIES CO., LTD. 【J-GAAP】

Earnings Report

SHINAGAWA REFRACTORIES CO., LTD. <5351> [TSE-P] announced its financial results after the market closed on November 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 12.6% from the same period last year to 6.66 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 13.3%, from the previous forecast of 15 billion yen to 13 billion yen (compared to 14.9 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 12.8% decrease in profit.

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 13.0% from the same period last year to 6.33 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3.05 billion yen, a 18.1% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 9.6% in the same period last year to 9.6%.

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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	61,064	5,401	6,299	4,587	98.1	55.0	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	72,704	6,966	7,620	9,353	199.9	51.1	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	68,230	6,336	6,663	4,910	107.8	51.3	Nov 7, 2024	J-GAAP
YoY	-6.2%	-9.0%	-12.6%	-47.5%	-46.1%

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	70,000	7,000	7,000	5,000	109.6	45	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	68,230	6,336	6,663	4,910	107.8	45	Nov 7, 2024	J-GAAP
Revision Rate	-2.5%	-9.5%	-4.8%	-1.8%	-1.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	143,000	14,500	15,000	10,000	219.3	90	May 13, 2024	J-GAAP
Mar, 2025 New	142,000	12,500	13,000	9,000	197.4	90	Nov 7, 2024	J-GAAP
Revision Rate	-0.7%	-13.8%	-13.3%	-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	71,471	6,921	7,283	5,927	127.4	36	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	73,770	6,164	6,337	4,090	89.7	45	Nov 7, 2024	J-GAAP
YoY	+3.2%	-10.9%	-13.0%	-31.0%	-29.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	124,963	10,844	11,457	8,307	177.6	40	May 11, 2023	J-GAAP
Mar, 2024	144,175	13,887	14,903	15,280	328.5	68	May 13, 2024	J-GAAP
Mar, 2025 Guidance	142,000	12,500	13,000	9,000	197.4	90	Nov 7, 2024	J-GAAP
YoY	-1.5%	-10.0%	-12.8%	-41.1%	-39.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	36,034	3,446	3,722	2,467	52.7	9.6	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	36,426	3,876	3,929	3,265	70.1	10.6	Feb 2, 2024	J-GAAP
Jan - Mar, 2024	35,045	3,045	3,354	2,662	57.2	8.7	May 13, 2024	J-GAAP
Apr - Jun, 2024	33,867	3,050	3,613	2,913	64.0	9.0	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	34,363	3,286	3,050	1,997	43.8	9.6	Nov 7, 2024	J-GAAP
YoY	-4.6%	-4.6%	-18.1%	-19.1%	-16.9%