CROPS CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 12% Increase

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Thu Nov 14, 2024 11:40 am JST Earnings

9428 CROPS CORPORATION 【J-GAAP】

Earnings Report

CROPS CORPORATION <9428> [TSE-S] announced its financial results at noon (11:40) on November 14th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 17.3% from the same period last year to 1 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 13.4%, from the previous forecast of 2.29 billion yen to 2.59 billion yen (compared to 2.31 billion yen in the previous period), turning to a 12.2% increase in the consolidated ordinary profit outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to expand by 44.5% from the same period last year, reaching 1.59 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 631 million yen, a 1.6% decrease compared to the same period last year. The operating profit margin worsened from 4.2% in the same period last year to 3.4%.

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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	22,524	1,227	1,290	632	70.0	53.0	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	25,955	1,074	1,211	601	63.6	52.3	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	29,211	795	1,002	108	11.5	38.6	Nov 14, 2024	J-GAAP
YoY	+12.5%	-26.0%	-17.3%	-82.0%	-81.9%

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	29,026	565	633	-9	-1.0	0	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	29,211	795	1,002	108	11.5	0	Nov 14, 2024	J-GAAP
Revision Rate	+0.6%	+40.7%	+58.3%	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	61,035	2,159	2,291	916	96.9	20	Aug 9, 2024	J-GAAP
Mar, 2025 New	60,852	2,481	2,599	1,037	109.7	20	Nov 14, 2024	J-GAAP
Revision Rate	-0.3%	+14.9%	+13.4%	+13.2%	+13.2%

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	28,532	1,053	1,105	605	64.0	20	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	31,641	1,686	1,597	929	98.2	20	Nov 14, 2024	J-GAAP
YoY	+10.9%	+60.1%	+44.5%	+53.6%	+53.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	48,380	2,272	2,432	1,175	129.1	20	May 12, 2023	J-GAAP
Mar, 2024	54,487	2,127	2,316	1,206	127.5	20	May 14, 2024	J-GAAP
Mar, 2025 Guidance	60,852	2,481	2,599	1,037	109.7	20	Nov 14, 2024	J-GAAP
YoY	+11.7%	+16.6%	+12.2%	-14.0%	-14.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,361	562	641	371	39.2	4.2	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	14,155	580	671	410	43.4	4.1	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	14,377	473	434	195	20.6	3.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	14,013	271	371	-137	-14.6	1.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	15,198	524	631	245	26.1	3.4	Nov 14, 2024	J-GAAP
YoY	+13.7%	-6.8%	-1.6%	-34.0%	-33.4%