SAKAI HEAVY INDUSTRIES,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 37%

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Wed Nov 13, 2024 2:30 pm JST Earnings

6358 SAKAI HEAVY INDUSTRIES,LTD. 【J-GAAP】

Earnings Report

SAKAI HEAVY INDUSTRIES,LTD. <6358> [TSE-P] announced its financial results in the afternoon session on November 13th (14:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 44.1% from the same period last year to 1.17 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 37.0%, from the previous forecast of 2.7 billion yen to 1.7 billion yen (compared to 3.32 billion yen in the previous period), leading to an increase in the profit decline rate from 18.8% to 48.9%.

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 significant drop by 57.0% from the same period last year to 522 million yen.

Due to a decline in performance, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 150 yen to 145.5 yen (compared to 285 yen before the 1-to-2 stock split in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 675 million yen, a 52.4% decrease compared to the same period last year. The operating profit margin significantly dropped from 15.3% in the same period last year to 10.2%.

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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	14,891	1,067	1,095	818	97.0	47.1	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	16,785	1,966	2,109	1,534	180.8	63.4	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	14,385	1,231	1,178	1,302	153.0	69.3	Nov 13, 2024	J-GAAP
YoY	-14.3%	-37.4%	-44.1%	-15.1%	-15.4%

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	15,500	1,050	1,050	700	82.1	42.50	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	14,385	1,231	1,178	1,302	153.0	42.50	Nov 13, 2024	J-GAAP
Revision Rate	-7.2%	+17.2%	+12.2%	+86.0%	+86.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	33,000	2,730	2,700	1,830	214.5	107.50	May 21, 2024	J-GAAP
Mar, 2025 New	27,200	1,740	1,700	1,700	199.3	103	Nov 13, 2024	J-GAAP
Revision Rate	-17.6%	-36.3%	-37.0%	-7.1%	-7.1%

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	16,235	1,352	1,215	906	106.7	97.50	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	12,815	509	522	398	46.7	60.50	Nov 13, 2024	J-GAAP
YoY	-21.1%	-62.4%	-57.0%	-56.1%	-56.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	31,459	2,506	2,327	1,694	200.4	100	May 10, 2023	J-GAAP
Mar, 2024	33,020	3,318	3,324	2,440	287.4	142.50	May 14, 2024	J-GAAP
Mar, 2025 Guidance	27,200	1,740	1,700	1,700	199.3	103	Nov 13, 2024	J-GAAP
YoY	-17.6%	-47.6%	-48.9%	-30.3%	-30.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	9,256	1,415	1,417	1,063	125.3	15.3	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	7,516	614	567	413	48.7	8.2	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	8,719	738	648	493	58.1	8.5	May 14, 2024	J-GAAP
Apr - Jun, 2024	6,706	449	503	690	81.2	6.7	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	7,679	782	675	612	71.9	10.2	Nov 13, 2024	J-GAAP
YoY	-17.0%	-44.7%	-52.4%	-42.4%	-42.6%