CUBE SYSTEM INC., First Half Ordinary Profit Decreases by 33%, July-September Ordinary Profit Decreases by 28%

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Wed Nov 6, 2024 3:30 pm JST Earnings

2335 CUBE SYSTEM INC. 【J-GAAP】

Earnings Report

CUBE SYSTEM INC. <2335> [TSE-P] announced its financial results after the market closed on November 6th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 33.0% from the same period last year to 528 million yen. The progress rate against the 1.65 billion yen full-year plan was 32.0%, also falling below the five-year average of 45.9%.

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 expand by 39.9% from the same period last year, reaching 1.12 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 302 million yen, a 27.6% decrease compared to the same period last year. The operating profit margin worsened from 9.2% in the same period last year to 6.8%.

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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	7,892	598	594	388	28.7	40.1	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	9,015	794	788	501	33.1	49.6	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	9,022	533	528	662	44.0	32.0	Nov 6, 2024	J-GAAP
YoY	+0.1%	-32.9%	-33.0%	+32.1%	+33.1%

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	9,000	520	510	600	40.0	20	Oct 9, 2024	J-GAAP
Apr - Sep, 2024 Results	9,022	533	528	662	44.0	20	Nov 6, 2024	J-GAAP
Revision Rate	+0.2%	+2.5%	+3.5%	+10.3%	+10.0%

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	9,006	742	802	566	37.3	20	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	9,778	1,067	1,122	598	39.7	20	Nov 6, 2024	J-GAAP
YoY	+8.6%	+43.8%	+39.9%	+5.7%	+6.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	16,325	1,452	1,480	989	70.4	50	May 10, 2023	J-GAAP
Mar, 2024	18,021	1,536	1,590	1,067	70.4	35	May 8, 2024	J-GAAP
Mar, 2025 Guidance	18,800	1,600	1,650	1,260	83.7	40	Oct 9, 2024	J-GAAP
YoY	+4.3%	+4.2%	+3.8%	+18.1%	+18.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	4,639	425	417	269	17.8	9.2	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	4,550	367	381	257	17.0	8.1	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	4,456	375	421	309	20.4	8.4	May 8, 2024	J-GAAP
Apr - Jun, 2024	4,411	220	226	157	10.5	5.0	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	4,611	313	302	505	33.6	6.8	Nov 6, 2024	J-GAAP
YoY	-0.6%	-26.4%	-27.6%	+87.7%	+89.0%