TAIHEIYO CEMENT CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward by 9%

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Tue Nov 12, 2024 2:30 pm JST Earnings

5233 TAIHEIYO CEMENT CORPORATION 【J-GAAP】

Earnings Report

TAIHEIYO CEMENT CORPORATION <5233> [TSE-P] announced its financial results in the afternoon session on November 12th (14:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 35.3 billion yen, an increase of 75.8% compared to the same period last year.

However, the full-year consolidated ordinary profit has downwardly by 9.0%, from the previous forecast of 83.5 billion yen to 76 billion yen (compared to 59.4 billion yen in the previous period), leading to a reduction in the profit growth rate from 40.4% to 27.8%.

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 grow by 3.2% from the same period last year, reaching 40.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 37.7% from the same period last year, reaching 23.6 billion yen. The operating profit margin significantly improved from 7.1% in the same period last year to 10.8%.

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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	375,982	-313	-84	-16,455	-140.6	ー	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	418,555	17,752	20,116	13,617	116.3	33.8	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	443,676	36,389	35,371	30,192	261.2	46.5	Nov 12, 2024	J-GAAP
YoY	+6.0%	+105.0%	+75.8%	+121.7%	+124.7%

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	464,000	34,500	34,500	26,500	229.3	40	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	443,676	36,389	35,371	30,192	261.2	40	Nov 12, 2024	J-GAAP
Revision Rate	-4.4%	+5.5%	+2.5%	+13.9%	+13.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	960,000	84,000	83,500	62,000	545.8	80	May 14, 2024	J-GAAP
Mar, 2025 New	915,000	78,000	76,000	56,000	493.0	80	Nov 12, 2024	J-GAAP
Revision Rate	-4.7%	-7.1%	-9.0%	-9.7%	-9.7%

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	467,720	38,718	39,356	29,655	254.3	35	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	471,324	41,611	40,629	25,808	227.2	40	Nov 12, 2024	J-GAAP
YoY	+0.8%	+7.5%	+3.2%	-13.0%	-10.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	809,542	4,456	1,015	-33,206	-283.7	70	May 11, 2023	J-GAAP
Mar, 2024	886,275	56,470	59,472	43,272	371.1	70	May 14, 2024	J-GAAP
Mar, 2025 Guidance	915,000	78,000	76,000	56,000	493.0	80	Nov 12, 2024	J-GAAP
YoY	+3.2%	+38.1%	+27.8%	+29.4%	+32.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	225,020	15,889	17,140	13,251	113.1	7.1	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	241,619	24,110	23,718	15,179	129.8	10.0	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	226,101	14,608	15,638	14,476	124.1	6.5	May 14, 2024	J-GAAP
Apr - Jun, 2024	208,852	11,048	11,761	13,528	117.1	5.3	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	234,824	25,341	23,610	16,664	144.2	10.8	Nov 12, 2024	J-GAAP
YoY	+4.4%	+59.5%	+37.7%	+25.8%	+27.4%