Maruichi Steel Tube Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 24%

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Fri Nov 8, 2024 3:30 pm JST Earnings

5463 Maruichi Steel Tube Ltd. 【J-GAAP】

Earnings Report

Maruichi Steel Tube Ltd. <5463> [TSE-P] announced its financial results after the market closed on November 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 30.3% from the same period last year to 14.6 billion yen, fell short of the previous forecast of 17.5 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 24.3%, from the previous forecast of 36.2 billion yen to 27.4 billion yen (compared to 38.3 billion yen in the previous period), leading to an increase in the profit decline rate from 5.6% to 28.6%.

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 26.4% from the same period last year to 12.7 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 5.03 billion yen, a 53.2% decrease compared to the same period last year. The operating profit margin sharply declined from 14.6% in the same period last year to 7.1%.

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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	138,399	18,412	20,874	13,946	175.1	60.7	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	135,173	19,268	21,049	14,098	177.0	54.9	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	133,506	13,000	14,663	7,369	92.2	53.5	Nov 8, 2024	J-GAAP
YoY	-1.2%	-32.5%	-30.3%	-47.7%	-47.9%

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	138,500	16,000	17,500	9,200	115.4	55	Jul 5, 2024	J-GAAP
Apr - Sep, 2024 Results	133,506	13,000	14,663	7,369	92.2	55	Nov 8, 2024	J-GAAP
Revision Rate	-3.6%	-18.8%	-16.2%	-19.9%	-20.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	280,000	34,200	36,200	21,600	266.1	131	Jul 5, 2024	J-GAAP
Mar, 2025 New	258,000	25,200	27,400	17,800	219.3	131	Nov 8, 2024	J-GAAP
Revision Rate	-7.9%	-26.3%	-24.3%	-17.6%	-17.6%

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	136,137	15,543	17,306	12,015	150.8	76	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	124,494	12,200	12,737	10,431	128.5	76	Nov 8, 2024	J-GAAP
YoY	-8.6%	-21.5%	-26.4%	-13.2%	-14.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	273,416	30,019	34,416	24,164	303.4	109.50	May 11, 2023	J-GAAP
Mar, 2024	271,310	34,811	38,355	26,113	327.8	131	May 10, 2024	J-GAAP
Mar, 2025 Guidance	258,000	25,200	27,400	17,800	219.3	131	Nov 8, 2024	J-GAAP
YoY	-4.9%	-27.6%	-28.6%	-31.8%	-33.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	68,093	9,937	10,757	7,328	92.0	14.6	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	68,420	8,431	9,588	6,354	79.8	12.3	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	67,717	7,112	7,718	5,661	71.1	10.5	May 10, 2024	J-GAAP
Apr - Jun, 2024	67,512	8,286	9,631	6,513	81.8	12.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	65,994	4,714	5,032	856	10.7	7.1	Nov 8, 2024	J-GAAP
YoY	-3.1%	-52.6%	-53.2%	-88.3%	-88.4%