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

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 81.2 82.2 Feb 7, 2023 J-GAAP
Apr - Dec, 2023 203,593 27,699 30,637 20,452 85.6 79.9 Feb 7, 2024 J-GAAP
Apr - Dec, 2024 198,844 17,725 20,683 11,306 46.9 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 44.8 25.34 Nov 8, 2024 J-GAAP
Oct - Mar, 2024 New 124,494 12,200 12,737 19,231 82.6 25.34 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 76.5 43.67 Nov 8, 2024 J-GAAP
Mar, 2025 New 258,000 25,200 27,400 26,600 114.3 43.67 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 50.3 25.34 May 10, 2024 J-GAAP
Oct - Mar, 2024 Guidance 124,494 12,200 12,737 19,231 82.6 25.34 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 24,164 101.1 36.50 May 11, 2023 J-GAAP
Mar, 2024 271,310 34,811 38,355 26,113 109.3 43.67 May 10, 2024 J-GAAP
Mar, 2025 Guidance 258,000 25,200 27,400 26,600 114.3 43.67 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 26.6 12.3 Feb 7, 2024 J-GAAP
Jan - Mar, 2024 67,717 7,112 7,718 5,661 23.7 10.5 May 10, 2024 J-GAAP
Apr - Jun, 2024 67,512 8,286 9,631 6,513 27.3 12.3 Aug 7, 2024 J-GAAP
Jul - Sep, 2024 65,994 4,714 5,032 856 3.6 7.1 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 65,338 4,725 6,020 3,937 16.4 7.2 Feb 10, 2025 J-GAAP
YoY -4.5% -44.0% -37.2% -38.0% -38.5%

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