Kobe Steel, The Current Fiscal Year Ordinary Profit Revised Upward by 8%, Dividend Revised Upward by 10 yen

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Fri Feb 7, 2025 1:00 pm JST Earnings

5406 Kobe Steel, Ltd. 【J-GAAP】

Earnings Report

Kobe Steel, Ltd. <5406> [TSE Prime] announced its financial results in the afternoon session on February 7th (13:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) was 132 billion yen, a 0.8% decrease compared to the same period last year.

However, the full-year consolidated ordinary profit has been revised upward 7.7%, from the previous forecast of 130 billion yen to 140 billion yen (compared to 160 billion yen in the previous period), and the declining rate is expected to decrease from 19.2% to 13.0%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has been revised upward 16.9%, from the previous forecast of 59 billion yen to 69 billion yen (compared to 69.3 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 14.8% to 0.4%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 90 yen to 100 yen (compared to 90 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit increased 46.3% from the same period last year, reaching 61.9 billion yen. However, the operating profit margin remained almost flat, changing from 7.4% in the same period last year to 7.4%.

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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	1,784,638	53,815	74,852	47,510	120.4	70.1	Feb 9, 2023	J-GAAP
Apr - Dec, 2023	1,873,707	138,239	133,926	109,727	277.8	83.2	Feb 9, 2024	J-GAAP
Apr - Dec, 2024	1,884,054	124,531	132,873	102,812	260.6	94.9	Feb 7, 2025	J-GAAP
YoY	+0.6%	-9.9%	-0.8%	-6.3%	-6.2%

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	1,351,444	62,295	59,040	63,417	160.9	45	Nov 7, 2024	J-GAAP
Oct - Mar, 2024 New	1,331,444	72,295	69,040	73,417	186.3	55	Feb 7, 2025	J-GAAP
Revision Rate	-1.5%	+16.1%	+16.9%	+15.8%	+15.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	2,600,000	140,000	130,000	120,000	304.5	90	Nov 7, 2024	J-GAAP
Mar, 2025 New	2,580,000	150,000	140,000	130,000	329.8	100	Feb 7, 2025	J-GAAP
Revision Rate	-0.8%	+7.1%	+7.7%	+8.3%	+8.3%

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	1,289,309	94,486	69,322	29,204	73.9	45	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	1,331,444	72,295	69,040	73,417	186.3	55	Feb 7, 2025	J-GAAP
YoY	+3.3%	-23.5%	-0.4%	+151.4%	+151.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	2,472,508	86,365	106,837	72,566	183.8	40	May 11, 2023	J-GAAP
Mar, 2024	2,543,142	186,628	160,923	109,552	277.4	90	May 9, 2024	J-GAAP
Mar, 2025 Guidance	2,580,000	150,000	140,000	130,000	329.8	100	Feb 7, 2025	J-GAAP
YoY	+1.4%	-19.6%	-13.0%	+18.7%	+18.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	619,874	46,097	42,325	29,379	74.4	7.4	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	669,435	48,389	26,997	-175	-0.4	7.2	May 9, 2024	J-GAAP
Apr - Jun, 2024	590,733	31,072	35,045	24,044	60.9	5.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	657,823	46,633	35,915	32,539	82.4	7.1	Nov 7, 2024	J-GAAP
Oct - Dec, 2024	635,498	46,826	61,913	46,229	117.2	7.4	Feb 7, 2025	J-GAAP
YoY	+2.5%	+1.6%	+46.3%	+57.4%	+57.5%