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Sumitomo Rubber Industries, Ltd., The Current Fiscal Year Net Income Revised Downward to an Unexpected 97% Decrease

Fri Nov 8, 2024 8:30 am JST Earnings

5110 Sumitomo Rubber Industries, Ltd. 【IFRS】

Earnings Report

Sumitomo Rubber Industries, Ltd. <5110> [TSE-P] announced its financial results (based on IFRS) in the morning on November 8th (08:30). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) significantly dropped by 85.1% from the same period last year to 4.05 billion yen.

In addition, the full-year consolidated net income has downwardly by 97.6%, from the previous forecast of 41 billion yen to 1 billion yen (compared to 37 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 97.3% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income/loss for the July to December period (second half) has been revised downward from an expected profit of 2.27 billion yen to a loss of 37.7 billion yen (compared to a profit of 28.8 billion yen in the same period of the previous year), turning to a loss outlook.

In the most recent three-month period, from July to September (3Q), the consolidated net income/loss turned to a loss of 34.6 billion yen (compared to a profit of 19 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 8.5% in the same period last year to -10.6%.

Kabutan News

Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Jan - Sep, 2022 781,512 9,836 24,346 14,372 54.7 108.0 Nov 9, 2022 IFRS
Jan - Sep, 2023 850,702 41,443 46,458 27,205 103.4 74.0 Nov 10, 2023 IFRS
Jan - Sep, 2024 874,942 11,485 7,678 4,050 15.4 ー Nov 8, 2024 IFRS
YoY +2.8% -72.3% -83.5% -85.1% -85.1%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2024 Prev 612,959 19,049 ー 2,271 8.6 29 Aug 7, 2024 IFRS
Jul - Dec, 2024 New 612,959 -36,951 ー -37,729 -143.4 29 Nov 8, 2024 IFRS
Revision Rate 0.0% － － － －

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2024 Prev 1,200,000 61,000 ー 41,000 155.9 58 Aug 7, 2024 IFRS
Dec, 2024 New 1,200,000 5,000 ー 1,000 3.8 58 Nov 8, 2024 IFRS
Revision Rate 0.0% -91.8% － -97.6% -97.6%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2023 616,238 47,680 43,827 28,852 109.7 53 Feb 14, 2024 IFRS
Jul - Dec, 2024 Guidance 612,959 -36,951 ー -37,729 -143.4 29 Nov 8, 2024 IFRS
YoY -0.5% － － － －

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2022 1,098,664 14,988 22,539 9,415 35.8 35 Feb 14, 2023 IFRS
Dec, 2023 1,177,399 64,490 62,745 37,048 140.9 58 Feb 14, 2024 IFRS
Dec, 2024 Guidance 1,200,000 5,000 ー 1,000 3.8 58 Nov 8, 2024 IFRS
YoY +1.9% -92.2% － -97.3% -97.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 289,541 24,633 27,540 19,009 72.3 8.5 Nov 10, 2023 IFRS
Oct - Dec, 2023 326,697 23,047 16,287 9,843 37.4 7.1 Feb 14, 2024 IFRS
Jan - Mar, 2024 291,360 20,696 25,862 24,841 94.5 7.1 May 13, 2024 IFRS
Apr - Jun, 2024 295,681 21,255 27,727 13,888 52.8 7.2 Aug 7, 2024 IFRS
Jul - Sep, 2024 287,901 -30,466 -45,911 -34,679 -131.9 -10.6 Nov 8, 2024 IFRS
YoY -0.6% － － － －

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