Maruichi Steel Tube, The Current Fiscal Year Net Income Revised Upward to an Unexpected 2% Increase

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Mon Feb 10, 2025 3:30 pm JST Earnings

5463 Maruichi Steel Tube Ltd. 【J-GAAP】

Earnings Report

Maruichi Steel Tube Ltd. <5463> [TSE Prime] announced its financial results after the market closed on February 10th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 44.7% from the same period last year to 11.3 billion yen.

However, the full-year consolidated net income has been revised upward 49.4%, from the previous forecast of 17.8 billion yen to 26.6 billion yen (compared to 26.1 billion yen in the previous period), turning to a 1.9% increase in the consolidated net income outlook.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (2H) is expected to increase 84.4%, from the previous forecast of 10.4 billion yen to 19.2 billion yen (compared to 12 billion yen in the same period of the previous year), turning to a 60.1% increase in the consolidated net income outlook.

In the most recent three-month period, from October to December (3Q), the consolidated net income dropped to 3.93 billion yen, a 38.0% decrease compared to the same period last year. The operating profit margin significantly dropped from 12.3% in the same period last year to 7.2%.

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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	207,935	24,169	28,274	19,403	243.6	82.2	Feb 7, 2023	J-GAAP
Apr - Dec, 2023	203,593	27,699	30,637	20,452	256.8	79.9	Feb 7, 2024	J-GAAP
Apr - Dec, 2024	198,844	17,725	20,683	11,306	140.8	75.5	Feb 10, 2025	J-GAAP
YoY	-2.3%	-36.0%	-32.5%	-44.7%	-45.2%

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	124,494	12,200	12,737	10,431	134.4	76	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	124,494	12,200	12,737	19,231	247.8	76	Feb 10, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+84.4%	+84.4%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	258,000	25,200	27,400	17,800	229.4	131	Nov 8, 2024	J-GAAP
Mar, 2025 New	258,000	25,200	27,400	26,600	342.8	131	Feb 10, 2025	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+49.4%	+49.4%

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	136,137	15,543	17,306	12,015	150.8	76	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	124,494	12,200	12,737	19,231	247.8	76	Feb 10, 2025	J-GAAP
YoY	-8.6%	-21.5%	-26.4%	+60.1%	+64.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	273,416	30,019	34,416	24,164	303.4	109.50	May 11, 2023	J-GAAP
Mar, 2024	271,310	34,811	38,355	26,113	327.8	131	May 10, 2024	J-GAAP
Mar, 2025 Guidance	258,000	25,200	27,400	26,600	342.8	131	Feb 10, 2025	J-GAAP
YoY	-4.9%	-27.6%	-28.6%	+1.9%	+4.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	68,420	8,431	9,588	6,354	79.8	12.3	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	67,717	7,112	7,718	5,661	71.1	10.5	May 10, 2024	J-GAAP
Apr - Jun, 2024	67,512	8,286	9,631	6,513	81.8	12.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	65,994	4,714	5,032	856	10.7	7.1	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	65,338	4,725	6,020	3,937	49.0	7.2	Feb 10, 2025	J-GAAP
YoY	-4.5%	-44.0%	-37.2%	-38.0%	-38.5%