KITAGAWA IRON WORKS, The Current Fiscal Year Net Income Revised Downward to an Unexpected 5% Decrease

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Wed Feb 12, 2025 3:30 pm JST Earnings

6317 KITAGAWA IRON WORKS CO., LTD. 【J-GAAP】

Earnings Report

KITAGAWA IRON WORKS CO., LTD. <6317> [TSE Std] announced its financial results after the market closed on February 12th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 17.9% from the same period last year to 1.17 billion yen.

In addition, the full-year consolidated net income has decreased 42.9%, from the previous forecast of 2.1 billion yen to 1.2 billion yen (compared to 1.26 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 5.3% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (2H) has decreased 52.0%, from the previous forecast of 1.73 billion yen to 0.83 billion yen (compared to 0.11 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 16 times to 7.5 times.

In the most recent three-month period, from October to December (3Q), the consolidated net income surged 3.0 times that of the same period last year, reaching 0.8 billion yen. The operating profit margin significantly improved from 2.6% in the same period last year to 7.5%.

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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
Apr - Dec, 2022	42,273	-380	253	-367	-39.7	24.5	Feb 10, 2023	J-GAAP
Apr - Dec, 2023	45,789	1,204	1,834	1,427	154.6	76.1	Feb 9, 2024	J-GAAP
Apr - Dec, 2024	41,784	1,407	1,985	1,172	127.0	90.2	Feb 12, 2025	J-GAAP
YoY	-8.7%	+16.9%	+8.2%	-17.9%	-17.9%

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	30,057	1,298	1,466	1,730	187.2	25	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	28,257	1,298	1,466	830	89.8	25	Feb 12, 2025	J-GAAP
Revision Rate	-6.0%	0.0%	0.0%	-52.0%	-52.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	58,500	1,700	2,200	2,100	227.3	50	Nov 8, 2024	J-GAAP
Mar, 2025 New	56,700	1,700	2,200	1,200	129.9	50	Feb 12, 2025	J-GAAP
Revision Rate	-3.1%	0.0%	0.0%	-42.9%	-42.9%

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	31,438	878	1,102	110	11.9	40	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	28,257	1,298	1,466	830	89.8	25	Feb 12, 2025	J-GAAP
YoY	-10.1%	+47.8%	+33.0%	+654.5%	+653.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	59,700	194	1,034	-418	-45.2	30	May 12, 2023	J-GAAP
Mar, 2024	61,567	1,680	2,409	1,267	137.3	40	May 10, 2024	J-GAAP
Mar, 2025 Guidance	56,700	1,700	2,200	1,200	129.9	50	Feb 12, 2025	J-GAAP
YoY	-7.9%	+1.2%	-8.7%	-5.3%	-5.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	15,660	402	527	270	29.3	2.6	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	15,778	476	575	-160	-17.3	3.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	13,674	133	507	341	37.0	1.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	14,769	269	227	29	3.2	1.8	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	13,341	1,005	1,251	802	86.9	7.5	Feb 12, 2025	J-GAAP
YoY	-14.8%	+150.0%	+137.4%	+197.0%	+197.0%