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TOKYO STEEL MANUFACTURING, The Current Fiscal Year Ordinary Profit Revised Upward by 16%

Fri Jan 24, 2025 2:00 pm JST Earnings

5423 TOKYO STEEL MANUFACTURING CO., LTD. 【J-GAAP】

Earnings Report

TOKYO STEEL MANUFACTURING CO., LTD. <5423> [TSE Prime] announced its financial results in the afternoon session on January 24th (14:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 20.9% from the same period last year to 24.8 billion yen.

However, the full-year ordinary profit has been revised upward 16.0%, from the previous forecast of 25 billion yen to 29 billion yen (compared to 39.7 billion yen in the previous period), and the declining rate is expected to decrease from 37.1% to 27.0%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the ordinary profit for the October to March period (2H) has been revised upward 39.6%, from the previous forecast of 10.1 billion yen to 14.1 billion yen (compared to 17.2 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 41.3% to 18.1%.

In the most recent three-month period, from October to December (3Q), the ordinary profit grew 11.7% from the same period last year, reaching 9.92 billion yen. The operating profit margin improved from 9.9% in the same period last year to 11.9%.

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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
Apr - Dec, 2022 272,350 33,191 34,100 29,396 258.2 86.9 Jan 20, 2023 J-GAAP
Apr - Dec, 2023 276,628 30,157 31,384 22,151 200.3 79.0 Jan 19, 2024 J-GAAP
Apr - Dec, 2024 254,712 23,512 24,821 16,864 156.4 85.6 Jan 24, 2025 J-GAAP
YoY -7.9% -22.0% -20.9% -23.9% -21.9%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 Prev 133,730 10,083 10,106 6,669 63.6 25 Oct 25, 2024 J-GAAP
Oct - Mar, 2024 New 148,730 14,083 14,106 9,169 87.5 25 Jan 24, 2025 J-GAAP
Revision Rate +11.2% +39.7% +39.6% +37.5% +37.5%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 308,000 24,000 25,000 16,500 157.4 50 Oct 25, 2024 J-GAAP
Mar, 2025 New 323,000 28,000 29,000 19,000 181.2 50 Jan 24, 2025 J-GAAP
Revision Rate +4.9% +16.7% +16.0% +15.2% +15.1%

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 178,090 16,527 17,226 12,346 112.0 25 Apr 26, 2024 J-GAAP
Oct - Mar, 2024 Guidance 148,730 14,083 14,106 9,169 87.5 25 Jan 24, 2025 J-GAAP
YoY -16.5% -14.8% -18.1% -25.7% -21.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 361,245 38,063 39,257 30,848 272.4 40 Apr 21, 2023 J-GAAP
Mar, 2024 367,242 38,066 39,719 27,958 253.5 50 Apr 26, 2024 J-GAAP
Mar, 2025 Guidance 323,000 28,000 29,000 19,000 181.2 50 Jan 24, 2025 J-GAAP
YoY -12.0% -26.4% -27.0% -32.0% -28.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2023 87,476 8,618 8,891 6,539 59.1 9.9 Jan 19, 2024 J-GAAP
Jan - Mar, 2024 90,614 7,909 8,335 5,807 52.7 8.7 Apr 26, 2024 J-GAAP
Apr - Jun, 2024 93,948 9,695 10,249 6,559 60.2 10.3 Jul 26, 2024 J-GAAP
Jul - Sep, 2024 80,322 4,222 4,645 3,272 30.2 5.3 Oct 25, 2024 J-GAAP
Oct - Dec, 2024 80,442 9,595 9,927 7,033 65.2 11.9 Jan 24, 2025 J-GAAP
YoY -8.0% +11.3% +11.7% +7.6% +10.3%

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