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NIPPON STEEL CORPORATION, The Current Fiscal Year Net Income Revised Downward by 9%

Thu Nov 7, 2024 3:30 pm JST Earnings

5401 NIPPON STEEL CORPORATION 【IFRS】

Earnings Report

NIPPON STEEL CORPORATION <5401> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 7th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 18.9% from the same period last year to 243 billion yen.

In addition, the full-year consolidated net income has downwardly by 8.8%, from the previous forecast of 340 billion yen to 310 billion yen (compared to 549 billion yen in the previous period), leading to an increase in the profit decline rate from 38.1% to 43.6%.

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 significant drop by 73.2% from the same period last year to 66.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income dropped to 85.7 billion yen, a 30.4% decrease compared to the same period last year. The operating profit margin worsened from 7.9% in the same period last year to 6.3%.

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 3,874,406 541,752 532,507 372,372 404.4 61.4 Nov 1, 2022 IFRS
Apr - Sep, 2023 4,412,421 423,794 416,042 300,235 326.0 54.5 Nov 1, 2023 IFRS
Apr - Sep, 2024 4,379,735 375,753 364,254 243,347 254.1 ー Nov 7, 2024 IFRS
YoY -0.7% -11.3% -12.4% -18.9% -22.1%

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 4,400,000 ー ー 220,000 225.2 80 Aug 1, 2024 IFRS
Apr - Sep, 2024 Results 4,379,735 375,753 364,254 243,347 254.1 80 Nov 7, 2024 IFRS
Revision Rate -0.5% － － +10.6% +12.9%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 8,800,000 ー ー 340,000 325.3 160 Aug 1, 2024 IFRS
Mar, 2025 New 8,600,000 ー ー 310,000 296.6 160 Nov 7, 2024 IFRS
Revision Rate -2.3% － － -8.8% -8.8%

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 4,455,676 354,868 347,930 249,137 270.6 85 May 9, 2024 IFRS
Oct - Mar, 2024 Guidance 4,220,265 ー ー 66,653 63.8 80 Nov 7, 2024 IFRS
YoY -5.3% － － -73.2% -76.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 7,975,586 883,646 866,849 694,016 753.7 180 May 10, 2023 IFRS
Mar, 2024 8,868,097 778,662 763,972 549,372 596.6 160 May 9, 2024 IFRS
Mar, 2025 Guidance 8,600,000 ー ー 310,000 296.6 160 Nov 7, 2024 IFRS
YoY -3.0% － － -43.6% -50.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 2,212,635 175,094 171,249 123,171 133.8 7.9 Nov 1, 2023 IFRS
Oct - Dec, 2023 2,229,395 194,889 192,043 140,679 152.8 8.7 Feb 7, 2024 IFRS
Jan - Mar, 2024 2,226,281 159,979 155,887 108,458 117.8 7.2 May 9, 2024 IFRS
Apr - Jun, 2024 2,191,509 236,977 231,549 157,559 169.3 10.8 Aug 1, 2024 IFRS
Jul - Sep, 2024 2,188,226 138,776 132,705 85,788 89.6 6.3 Nov 7, 2024 IFRS
YoY -1.1% -20.7% -22.5% -30.4% -33.0%

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