NICHIA STEEL WORKS,LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 3%

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Mon Nov 11, 2024 4:00 pm JST Earnings

5658 NICHIA STEEL WORKS,LTD. 【J-GAAP】

Earnings Report

NICHIA STEEL WORKS,LTD. <5658> [TSE-S] announced its financial results after the market closed on November 11th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 939 million yen, a 2.5% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 10.5% decrease.

The progress rate against the 2.2 billion yen full-year plan was 42.7%, almost the same as the five-year average of 42.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 4.4% from the same period last year, reaching 1.26 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 359 million yen, a 1.1% decrease compared to the same period last year. However, the operating profit margin improved from 3.7% in the same period last year to 4.4%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	16,069	711	1,089	640	13.2	47.6	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	16,807	627	916	492	10.2	43.1	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	16,891	666	939	468	9.9	42.7	Nov 11, 2024	J-GAAP
YoY	+0.5%	+6.2%	+2.5%	-4.9%	-3.6%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	17,000	560	820	430	9.1	4	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	16,891	666	939	468	9.9	4	Nov 11, 2024	J-GAAP
Revision Rate	-0.6%	+18.9%	+14.5%	+8.8%	+8.6%

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	17,690	708	1,208	766	16.0	6	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	19,609	1,034	1,261	682	14.4	6	Nov 11, 2024	J-GAAP
YoY	+10.8%	+46.0%	+4.4%	-11.0%	-9.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	34,075	1,822	2,289	1,332	27.5	10	May 12, 2023	J-GAAP
Mar, 2024	34,497	1,335	2,124	1,258	26.2	10	May 14, 2024	J-GAAP
Mar, 2025 Guidance	36,500	1,700	2,200	1,150	24.3	10	May 14, 2024	J-GAAP
YoY	+5.8%	+27.3%	+3.6%	-8.6%	-7.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	8,619	323	363	190	4.0	3.7	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	9,054	325	472	292	6.1	3.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	8,636	383	736	474	9.9	4.4	May 14, 2024	J-GAAP
Apr - Jun, 2024	8,608	303	580	325	6.8	3.5	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	8,283	363	359	143	3.0	4.4	Nov 11, 2024	J-GAAP
YoY	-3.9%	+12.4%	-1.1%	-24.7%	-23.8%