Core Concept Technologies Inc., The Current Fiscal Year Ordinary Profit Revised Downward by 16%

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Wed Nov 13, 2024 4:00 pm JST Earnings

4371 Core Concept Technologies Inc. 【J-GAAP】

Earnings Report

Core Concept Technologies Inc. <4371> [TSE-G] announced its financial results after the market closed on November 13th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) increased by 20.5% from the same period last year, reaching 1.66 billion yen.

However, the full-year consolidated ordinary profit has downwardly by 15.9%, from the previous forecast of 2.39 billion yen to 2.01 billion yen (compared to 1.76 billion yen in the previous period), leading to a reduction in the profit growth rate from 35.9% to 14.3%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 28.3%, from the previous forecast of 1.34 billion yen to 966 million yen (compared to 954 million yen in the same period of the previous year), leading to a reduction in the profit growth rate from 41.3% to 1.3%.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit grew by 7.6% from the same period last year, reaching 610 million yen. However, the operating profit margin decreased from 14.0% in the same period last year to 11.7%.

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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
Jan - Sep, 2022	8,773	943	965	709	44.7	84.7	Nov 11, 2022	J-GAAP
Jan - Sep, 2023	11,570	1,368	1,378	985	57.0	78.1	Nov 13, 2023	J-GAAP
Jan - Sep, 2024	14,285	1,639	1,661	1,130	66.1	82.4	Nov 13, 2024	J-GAAP
YoY	+23.5%	+19.8%	+20.5%	+14.7%	+16.0%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	11,692	1,356	1,348	911	54.5	0	Aug 13, 2024	J-GAAP
Jul - Dec, 2024 New	9,936	958	966	598	35.8	0	Nov 13, 2024	J-GAAP
Revision Rate	-15.0%	-29.4%	-28.3%	-34.4%	-34.4%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	20,856	2,398	2,399	1,646	98.5	0	Feb 13, 2024	J-GAAP
Dec, 2024 New	19,100	2,000	2,017	1,333	79.8	0	Nov 13, 2024	J-GAAP
Revision Rate	-8.4%	-16.6%	-15.9%	-19.0%	-19.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	8,435	948	954	723	42.5	0	Feb 13, 2024	J-GAAP
Jul - Dec, 2024 Guidance	9,936	958	966	598	35.8	0	Nov 13, 2024	J-GAAP
YoY	+17.8%	+1.1%	+1.3%	-17.3%	-15.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	12,113	1,120	1,139	836	52.2	0	Feb 13, 2023	J-GAAP
Dec, 2023	15,921	1,744	1,765	1,303	76.6	0	Feb 13, 2024	J-GAAP
Dec, 2024 Guidance	19,100	2,000	2,017	1,333	79.8	0	Nov 13, 2024	J-GAAP
YoY	+20.0%	+14.7%	+14.3%	+2.3%	+4.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	4,084	572	567	405	23.4	14.0	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	4,351	376	387	318	18.7	8.6	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	4,437	562	562	402	23.6	12.7	May 14, 2024	J-GAAP
Apr - Jun, 2024	4,727	480	489	333	19.5	10.2	Aug 13, 2024	J-GAAP
Jul - Sep, 2024	5,121	597	610	395	23.1	11.7	Nov 13, 2024	J-GAAP
YoY	+25.4%	+4.4%	+7.6%	-2.5%	-1.4%