KITAGAWA IRON WORKS CO., LTD., The Current Fiscal Year Net Income Revised Upward by 31%

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Fri Nov 8, 2024 3:30 pm JST Earnings

6317 KITAGAWA IRON WORKS CO., LTD. 【J-GAAP】

Earnings Report

KITAGAWA IRON WORKS CO., LTD. <6317> [TSE-S] announced its financial results after the market closed on November 8th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 68.0% from the same period last year to 370 million yen, fell short of the previous forecast of 600 million yen.

However, the full-year consolidated net income has been revised upward by 31.3%, from the previous forecast of 1.6 billion yen to 2.1 billion yen (compared to 1.26 billion yen in the previous period), increasing the growth rate from 26.3% to 65.7%.

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 surge by 16 times that of the same period last year, reaching 1.73 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 29 million yen, a 75.8% decrease compared to the same period last year. However, the operating profit margin improved from 1.4% in the same period last year to 1.8%.

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	28,070	50	607	30	3.2	58.7	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	30,129	802	1,307	1,157	125.4	54.3	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	28,443	402	734	370	40.1	33.4	Nov 8, 2024	J-GAAP
YoY	-5.6%	-49.9%	-43.8%	-68.0%	-68.0%

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	28,900	520	770	600	64.9	25	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	28,443	402	734	370	40.1	25	Nov 8, 2024	J-GAAP
Revision Rate	-1.6%	-22.7%	-4.7%	-38.3%	-38.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	58,500	1,700	2,200	1,600	173.2	50	May 10, 2024	J-GAAP
Mar, 2025 New	58,500	1,700	2,200	2,100	227.3	50	Nov 8, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+31.3%	+31.2%

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	31,438	878	1,102	110	11.9	40	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	30,057	1,298	1,466	1,730	187.2	25	Nov 8, 2024	J-GAAP
YoY	-4.4%	+47.8%	+33.0%	+1,472.7%	+1,470.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	59,700	194	1,034	-418	-45.2	30	May 12, 2023	J-GAAP
Mar, 2024	61,567	1,680	2,409	1,267	137.3	40	May 10, 2024	J-GAAP
Mar, 2025 Guidance	58,500	1,700	2,200	2,100	227.3	50	Nov 8, 2024	J-GAAP
YoY	-5.0%	+1.2%	-8.7%	+65.7%	+65.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,763	216	352	120	13.0	1.4	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	15,660	402	527	270	29.3	2.6	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	15,778	476	575	-160	-17.3	3.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	13,674	133	507	341	37.0	1.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	14,769	269	227	29	3.2	1.8	Nov 8, 2024	J-GAAP
YoY	-6.3%	+24.5%	-35.5%	-75.8%	-75.8%