Fluctuations in Raw Material Prices for Brass, Castings and Other Materials, and in Foreign Exchange Rates
First written in FY2016. 20 of 31 entries say "Worsened", first in FY2017. Latest entry: 2026-08-10.
Miyairi Valve Mfg. moved to the "Worse" side of this theme in 2018, the same year as the typical company in this theme.
The whole theme swung hardest in 2018: 12 of 22 companies on the "Worse" side.
2 other companies' latest entry also says "Mitigated".
- 2026-08-10MitigatedEarnings
「Although brass material prices and the prices of other materials remained high and expenses increased owing to broad-based inflation, our continuing cost-reduction efforts through expense reductions and productivity improvements, together with product price increases, proved effective. As a result, operating profit for the cumulative first quarter was ¥68 million, a significant increase from the same period of the previous year.」
Although high brass and other material prices and inflation continued, the effects of cost-reduction efforts and product price increases improved operating profit year on year. - FY2026MitigatedAnnual report
「In terms of earnings, the Company continued cost-reduction efforts through expense reductions and productivity improvements in response to higher brass prices, higher prices for other materials, and higher indirect costs due to broad-based inflation. As a result, operating income was ¥111 million, an improvement of 35.5% from the previous fiscal year. However, the Company remains concerned about the impact on manufacturing costs of further increases in brass prices, yen depreciation and accelerating inflation, and will continue its efforts to reduce costs.」
Although the risks from higher raw material prices, yen depreciation and inflation continued, expense reductions and productivity improvements increased operating income to ¥111 million, an improvement of 35.5% from the previous fiscal year. - FY2026-H1MitigatedAnnual report
「In terms of earnings, the Company continued cost-reduction efforts through expense reductions and productivity improvements in response to sustained high brass prices, higher prices for other materials, and higher indirect costs due to broad-based inflation. As a result, operating income for the interim accounting period was ¥45 million, an improvement of 226.5% year on year.」
Although brass and other material prices remained high and indirect costs rose due to inflation, cost-reduction efforts through expense reductions and productivity improvements improved operating income by 226.5% year on year. - FY2025WorsenedAnnual report
「In terms of earnings, the Company continued cost-reduction efforts through expense reductions and productivity improvements in response to higher brass prices, higher raw material prices due to the weaker yen, and higher indirect costs due to inflation. These efforts began to take effect from the third quarter, but operating income was ¥81 million, down 61.1% from the previous fiscal year, representing a substantial decline.」
Cost-reduction efforts addressing raw material prices, the weaker yen and inflation began to take effect from the third quarter, but operating income was ¥81 million, down 61.1% from the previous fiscal year. - FY2025-H1WorsenedAnnual report
「In terms of earnings, the Company continued cost-reduction efforts through expense reductions and productivity improvements in response to higher brass prices, higher raw material prices due to the weaker yen, and higher indirect costs due to inflation. However, it was unable to halt the deterioration in profitability, and operating income for the interim accounting period was ¥14 million, down a substantial 87.5% year on year.」
Higher brass prices, rising raw material prices due to the weaker yen, and higher indirect costs due to inflation continued, and despite cost-reduction efforts, operating income was ¥14 million, down 87.5% year on year. - FY2024WorsenedAnnual report
「The Company continued to face pressure on earnings from sustained high raw material prices and rising labor and outsourcing costs, but worked to reduce costs through production efficiency improvements and thorough expense reductions.」
In addition to sustained high prices for raw materials such as brass, higher labor and outsourcing costs continued to pressure earnings. - FY2024-Q1MitigatedAnnual report
「In terms of earnings, the same period of the previous year included low-margin sales, mainly of brass valves, driven by rush demand at prices before the increases. Those sales were absent this quarter. As a result, increases in raw material prices due to the weaker yen and higher indirect costs due to inflation were absorbed through other expense reductions and cost-improvement efforts, improving the operating margin.」
The Company stated that, although raw material prices rose due to the weaker yen and indirect costs increased due to inflation, these effects were absorbed through expense reductions and cost-improvement efforts, improving the operating margin. - FY2023MitigatedAnnual report
「Brass prices, the principal raw material for the Company's products, rose to historically high levels in the previous fiscal year and remained high in the current fiscal year. In addition, continued increases in indirect costs significantly pressured earnings. As a result, the Company raised prices across its products and continued to reduce expenses, achieving an overall improvement in profitability.」
Although brass prices remained high and indirect costs continued to rise, the Company stated that overall profitability improved through price increases across its products and expense reductions. - FY2023-Q3WorsenedAnnual report
「In terms of earnings, raw material prices and indirect costs rose substantially. The Company thoroughly reduced internal expenses and raised prices across its products, including LP gas cylinder valves, as the entire organization worked to secure an appropriate level of profit.」
Substantial increases in raw material prices and indirect costs continued to be identified as factors pressuring earnings. Meanwhile, the Company stated that it sought to secure an appropriate level of profit through expense reductions and price increases across its products. - FY2023-Q2MitigatedAnnual report
「In terms of earnings, price increases for brass valves in general, including LP gas cylinder valves, took effect. In addition, under the Company's inventory valuation method, the weighted-average cost method, inventory values increase when purchase prices for materials and other items continue to rise, creating an asset effect that increases profit. As a result, the Company was able to post profit substantially above its initial forecast for the cumulative second quarter.」
Although purchase prices for materials and other items continued to rise, the Company stated that price increases across its brass valve products took effect and, together with the asset effect from its inventory valuation method, led to higher profit. - FY2023-Q1WorsenedAnnual report
「In terms of earnings, price increases for brass valves in general, including LP gas cylinder valves, took effect. In addition, under the Company's inventory valuation method, the weighted-average cost method, inventory values increase when purchase prices for materials and other items continue to rise, resulting in a short-term increase in profit from this asset effect. Consequently, each profit figure for the first quarter showed substantial progress against the full-year earnings forecast. However, the Company expects profitability to deteriorate as inventory with higher carrying values is sold in the future.」
The Company explicitly stated that rising purchase prices for materials and other items would increase inventory carrying values and boost profit in the short term, while profitability was expected to deteriorate as inventory with higher carrying values was sold in the future. - FY2022WorsenedAnnual report
「The historically sharp rise and sustained high level of brass prices, the principal raw material for the Company's products, and higher indirect costs put pressure on earnings, leaving the Company with only a slight operating profit through the cumulative third quarter,」
Brass prices were described as having undergone a “historically sharp rise and sustained high level” and, together with higher indirect costs, continued to pressure earnings through the cumulative third quarter. - FY2022-Q3WorsenedAnnual report
「In terms of earnings, the historically sharp rise and sustained high level of brass prices, the principal material, and continued increases in indirect costs put pressure on earnings, forcing the Company to post a loss.」
The description of brass prices was intensified from a sharp rise and sustained high level to a “historically sharp rise and sustained high level,” which, together with higher indirect costs, actually resulted in the recognition of a loss. - FY2022-Q2WorsenedAnnual report
「In terms of earnings, brass prices, the principal raw material, surged from the beginning of the year and remained high. Despite efforts to reduce expenses and improve management efficiency, profitability deteriorated. For the cumulative second quarter, the Company posted an operating loss of ¥14 million, compared with operating income of ¥38 million in the same period of the previous year, an ordinary loss of ¥25 million, compared with ordinary income of ¥41 million, and a quarterly net loss of ¥32 million, compared with quarterly net income of ¥29 million.」
The sharp rise and sustained high level of brass prices continued to impair profitability despite expense reductions and management efficiency improvements, turning operating, ordinary and net income from profits in the same period of the previous year into losses. - FY2022-Q1WorsenedAnnual report
「In terms of earnings, brass prices, the principal raw material for the Company's products, surged from the beginning of the year and have remained high, making profitability extremely challenging, including the emergence of products sold below cost.」
The Company stated that the sharp rise and sustained high level of brass prices led to products being sold below cost and deteriorating earnings, indicating that raw material price risk had become more severe. - FY2021WorsenedAnnual report
「With regard to dividends for the current fiscal year, the outlook for performance is uncertain because the price of brass, the principal raw material for the Company's core products, has continued to rise sharply since the beginning of the year and the impact of the spread of COVID-19 is expected. Accordingly, regrettably, the Company will not pay a dividend.」
The surge in brass prices was described as “extreme” and, together with the expected impact of COVID-19, was identified as a factor making the outlook for performance uncertain. - FY2019WorsenedAnnual report
「In terms of earnings, brass prices, the principal raw material for the Company's products, including LP gas cylinder valves, remained high throughout the period, while labor costs and indirect costs such as packing expenses rose. In addition, price increases for products intended to address these factors were substantially delayed from the original schedule, putting pressure on earnings and resulting in an operating loss of ¥45 million, compared with operating income of ¥57 million in the previous fiscal year.」
Higher brass prices, increased labor and other indirect costs, and delayed price increases resulted in a full-year operating loss of ¥45 million. - FY2019-Q3WorsenedAnnual report
「In terms of earnings, brass prices, the principal raw material for LP gas cylinder valves and other products, remained high from the beginning of the year, while labor costs and indirect costs such as packing expenses rose. In addition, price increases for products intended to address these factors were substantially delayed from the original schedule, putting pressure on earnings. Operating income was ¥8 million, down 87.8% year on year.」
The Company stated that higher brass prices, labor and packing costs, and continued delays in product price increases reduced operating income to ¥8 million, down 87.8% year on year. - FY2019-Q2WorsenedAnnual report
「In terms of earnings, brass prices, the principal raw material for LP gas cylinder valves and other products, remained high from the beginning of the year, while labor costs and indirect costs such as packing expenses rose. In addition, price increases for products intended to address these factors were substantially delayed from the original schedule, putting pressure on earnings and resulting in an operating loss of ¥0 million, compared with operating income of ¥37 million in the same period of the previous year.」
The Company stated that sustained high brass prices, higher labor and packing costs, and delayed product price increases combined to push it into an operating loss. - FY2019-Q1WorsenedAnnual report
「The price of brass, the principal raw material for LP gas cylinder valves and other products, remained high from the beginning of the year, increasing material costs. Labor costs also rose as employee compensation improved, causing profitability to deteriorate slightly,」
The sustained high level of brass prices increased material costs and slightly reduced profitability in the first quarter, according to the disclosure. - FY2018WorsenedAnnual report
「The price of brass, the principal raw material for brass valves, including LP gas cylinder valves, rose from the beginning of the year and kept material costs high. In addition, labor costs increased as employee compensation improved, and various indirect costs, including consumables and packing costs, also rose, putting pressure on profitability,」
Higher and sustained brass prices appeared in full-year results as increased material costs and pressure on profitability. - FY2018-Q3WorsenedAnnual report
「Further increases in material costs are expected to reduce margins. To address this, we are revising the selling prices of brass and steel products, promoting in-house parts processing by the Manufacturing and Development Department, and strengthening sales by standardizing cryogenic valves, particularly LNG valves, as standard products.」
The disclosure states that, in addition to sustained high brass prices, further increases in material costs and lower margins were a concern, indicating that raw material price risk continued to worsen. - FY2018-Q2WorsenedAnnual report
「Material costs remained high as the price of brass, the principal raw material for LP gas cylinder valves, rose from the beginning of the year, while manufacturing costs and other expenses increased due to higher labor costs associated with improved employee compensation,」
Higher and sustained brass prices appeared as increases in material and manufacturing costs, raising concerns about lower margins. Measures such as productivity improvements were also disclosed. - FY2018-Q1MitigatedAnnual report
「The price of brass, the principal raw material for LP gas cylinder valves, has surged since the second half of the previous fiscal year and remained high, causing manufacturing costs to trend upward. However, the Company has maintained profitability through continued cost-reduction measures and higher selling prices.」
Although the increase in costs due to the sharp rise and sustained high level of brass prices continued, the Company stated that profitability was maintained through cost-reduction measures and higher selling prices. - FY2017WorsenedAnnual report
「Since the second half of the current fiscal year, the price of brass, the principal raw material for LP gas cylinder valves, has surged and remained high, becoming a factor pressuring earnings,」
The situation deteriorated from the stable raw material prices reported in the quarterly report to pressure on earnings from the sharp rise and sustained high level of brass prices in the second half of the fiscal year. - FY2017-Q3MitigatedAnnual report
「Stable prices for brass, the principal raw material, and successful cost-reduction measures, including the introduction of level production from the current fiscal year to stabilize and improve factory utilization and the in-house production of parts, led to improved earnings. As a result, the gross margin on net sales improved from 14.5% in the previous fiscal year to 19.4% in the current fiscal year, an improvement of 4.9 percentage points,」
Stable brass prices and successful cost-reduction measures improved the gross margin on net sales from 14.5% to 19.4%, an improvement of 4.9 percentage points, limiting the pressure on earnings from raw material price fluctuations. - FY2017-Q2RestatedAnnual report
「Stable prices for brass, the principal raw material, and various cost-reduction measures, including the introduction of level production from the current fiscal year to stabilize and improve factory utilization and the promotion of in-house production of parts, improved the gross margin on net sales from 13.9% in the previous fiscal year to 18.4% in the current fiscal year, an improvement of 4.5 percentage points,」
The Company continued to attribute support for profitability to stable brass prices, reaffirming that raw material price risk is currently contained. - FY2017-Q1MitigatedAnnual report
「Although the selling price per unit of LP gas cylinder valves has been trending upward following a review of selling prices, sales volume declined because demand entered the down phase of the cylinder reinspection cycle from the current fiscal year and because of the impact of rush demand at the end of the previous fiscal year ahead of the initial-period selling price review. As a result, net sales fell 16.4% year on year.」
The decline in brass prices eased the pressure on earnings from raw material costs during the quarter, improving the profitability of LP gas cylinder valves. - FY2016First statedAnnual report
「Raw material prices are heavily dependent on foreign exchange rates, and significant fluctuations in market prices may affect the Company's financial condition and operating results.」
The disclosure states that elevated brass prices pressured earnings in the first half, while purchase prices declined toward the end of the fiscal year, indicating that price fluctuations actually affected performance.