COVER, The Current Fiscal Year Ordinary Profit Revised Upward by 1%, Raises Record High Profit Forecast

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Wed Feb 12, 2025 3:30 pm JST Earnings

5253 COVER Corporation 【J-GAAP】

Earnings Report

COVER Corporation <5253> [TSE Growth] announced its financial results after the market closed on February 12th (15:30). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2025 (April to December) expanded 5.6 billion yen, an increase 61.1% compared to the same period last year.

In addition, the full-year ordinary profit has been revised upward 1.4%, from the previous forecast of 7.3 billion yen to 7.4 billion yen (compared to 5.62 billion yen in the previous period), increasing the growth rate from 29.8% to 31.6%, further surpassing the previous forecast of record-high profits for six consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the ordinary profit for the October to March period (2H) is expected to increase 2.5%, from the previous forecast of 3.99 billion yen to 4.09 billion yen (compared to 3.31 billion yen in the same period of the previous year), increasing the growth rate from 20.7% to 23.8%.

In the most recent three-month period, from October to December (3Q), the ordinary profit increased 97.3% from the same period last year, reaching 2.29 billion yen. The operating profit margin rose from 17.1% in the same period last year to 18.5%.

Kabutan News

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
Apr - Dec, 2023	19,225	3,491	3,476	2,625	43.0	61.8	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	28,863	5,544	5,600	3,777	60.9	75.7	Feb 12, 2025	J-GAAP
YoY	+50.1%	+58.8%	+61.1%	+43.9%	+41.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	19,377	3,928	3,999	2,944	44.9	0	Nov 12, 2024	J-GAAP
Oct - Mar, 2024 New	24,896	4,028	4,099	2,980	45.4	0	Feb 12, 2025	J-GAAP
Revision Rate	+28.5%	+2.5%	+2.5%	+1.2%	+1.2%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	36,481	7,300	7,300	5,064	77.1	0	May 13, 2024	J-GAAP
Mar, 2025 New	42,000	7,400	7,400	5,100	77.7	0	Feb 12, 2025	J-GAAP
Revision Rate	+15.1%	+1.4%	+1.4%	+0.7%	+0.7%

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	17,890	3,232	3,312	2,480	40.6	0	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	24,896	4,028	4,099	2,980	45.4	0	Feb 12, 2025	J-GAAP
YoY	+39.2%	+24.6%	+23.8%	+20.2%	+11.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	20,451	3,417	3,385	2,508	42.0	0	May 12, 2023	J-GAAP
Mar, 2024	30,166	5,536	5,623	4,137	67.7	0	May 13, 2024	J-GAAP
Mar, 2025 Guidance	42,000	7,400	7,400	5,100	77.7	0	Feb 12, 2025	J-GAAP
YoY	+39.2%	+33.7%	+31.6%	+23.3%	+14.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	6,949	1,187	1,165	968	15.8	17.1	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	10,941	2,045	2,147	1,512	24.7	18.7	May 13, 2024	J-GAAP
Apr - Jun, 2024	6,416	834	917	620	10.0	13.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	10,688	2,538	2,384	1,500	24.2	23.7	Nov 12, 2024	J-GAAP
Oct - Dec, 2024	11,759	2,172	2,299	1,657	26.7	18.5	Feb 12, 2025	J-GAAP
YoY	+69.2%	+83.0%	+97.3%	+71.2%	+68.6%