CRESCO LTD., First Half Ordinary Profit Increases by 13%, July-September Ordinary Profit Increases by 8%

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Wed Nov 6, 2024 4:00 pm JST Earnings

4674 CRESCO LTD. 【J-GAAP】

Earnings Report

CRESCO LTD. <4674> [TSE-P] announced its financial results after the market closed on November 6th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 13.2% from the same period last year, reaching 2.76 billion yen. However, The progress rate against the 6 billion yen full-year plan was 46.1%, almost the same as the five-year average of 45.4%.

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 nearly flat at 3.23 billion yen, up 0.6% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 7.8% from the same period last year, reaching 1.73 billion yen. The operating profit margin rose from 11.0% in the same period last year to 11.8%.

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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	23,309	2,245	2,116	1,467	34.9	41.2	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	25,631	1,978	2,440	1,665	40.0	43.1	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	28,506	2,608	2,763	1,879	44.9	46.1	Nov 6, 2024	J-GAAP
YoY	+11.2%	+31.9%	+13.2%	+12.9%	+12.0%

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	27,800	2,440	2,475	1,610	39.1	19	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	28,506	2,608	2,763	1,879	44.9	19	Nov 6, 2024	J-GAAP
Revision Rate	+2.5%	+6.9%	+11.6%	+16.7%	+14.8%

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	27,124	3,143	3,218	2,063	49.8	13.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	29,994	3,292	3,237	2,121	51.4	19	Nov 6, 2024	J-GAAP
YoY	+10.6%	+4.7%	+0.6%	+2.8%	+3.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	48,368	4,998	5,135	3,328	79.1	25	May 10, 2023	J-GAAP
Mar, 2024	52,755	5,121	5,658	3,728	90.1	26	May 10, 2024	J-GAAP
Mar, 2025 Guidance	58,500	5,900	6,000	4,000	97.0	38	May 10, 2024	J-GAAP
YoY	+10.9%	+15.2%	+6.0%	+7.3%	+7.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,750	1,508	1,610	1,059	25.5	11.0	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	12,913	1,320	1,447	733	17.7	10.2	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	14,211	1,823	1,771	1,330	32.1	12.8	May 10, 2024	J-GAAP
Apr - Jun, 2024	13,758	870	1,027	756	18.4	6.3	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	14,748	1,738	1,736	1,123	26.8	11.8	Nov 6, 2024	J-GAAP
YoY	+7.3%	+15.3%	+7.8%	+6.0%	+5.3%