Toyo Tire Corporation, The Current Fiscal Year Ordinary Profit Revised Upward by 8%, Dividend Revised Upward by 5 yen

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Wed Nov 13, 2024 3:30 pm JST Earnings

5105 Toyo Tire Corporation 【J-GAAP】

Earnings Report

Toyo Tire Corporation <5105> [TSE-P] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) increased by 20.7% from the same period last year, reaching 77.8 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 7.9%, from the previous forecast of 76 billion yen to 82 billion yen (compared to 86 billion yen in the previous period), and the declining rate is expected to decrease from 11.7% to 4.7%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has been revised upward by 37.0%, from the previous forecast of 16.2 billion yen to 22.2 billion yen (compared to 47.2 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 65.7% to 53.0%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 105 yen to 110 yen (compared to 100 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 18 billion yen, a 29.9% decrease compared to the same period last year. However, the operating profit margin rose from 16.5% in the same period last year to 19.5%.

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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	350,430	31,391	45,288	44,768	290.8	88.7	Nov 14, 2022	J-GAAP
Jan - Sep, 2023	409,221	50,324	64,489	56,768	368.7	74.9	Nov 14, 2023	J-GAAP
Jan - Sep, 2024	420,608	76,237	77,808	55,196	358.5	94.9	Nov 13, 2024	J-GAAP
YoY	+2.8%	+51.5%	+20.7%	-2.8%	-2.8%

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	286,499	33,431	16,230	7,995	51.9	55	Aug 9, 2024	J-GAAP
Jul - Dec, 2024 New	286,499	38,431	22,230	17,995	116.9	60	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	+15.0%	+37.0%	+125.1%	+125.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	560,000	81,000	76,000	50,000	324.7	105	Aug 9, 2024	J-GAAP
Dec, 2024 New	560,000	86,000	82,000	60,000	389.7	110	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	+6.2%	+7.9%	+20.0%	+20.0%

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	287,368	50,226	47,286	43,151	280.3	80	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	286,499	38,431	22,230	17,995	116.9	60	Nov 13, 2024	J-GAAP
YoY	-0.3%	-23.5%	-53.0%	-58.3%	-58.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	497,213	44,046	51,035	47,956	311.5	80	Feb 14, 2023	J-GAAP
Dec, 2023	552,825	76,899	86,047	72,273	469.4	100	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	560,000	86,000	82,000	60,000	389.7	110	Nov 13, 2024	J-GAAP
YoY	+1.3%	+11.8%	-4.7%	-17.0%	-17.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	143,764	23,651	25,728	27,646	179.6	16.5	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	143,604	26,575	21,558	15,505	100.7	18.5	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	127,557	25,975	31,880	23,058	149.8	20.4	May 14, 2024	J-GAAP
Apr - Jun, 2024	145,944	21,594	27,890	18,947	123.1	14.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	147,107	28,668	18,038	13,191	85.7	19.5	Nov 13, 2024	J-GAAP
YoY	+2.3%	+21.2%	-29.9%	-52.3%	-52.3%