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

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%

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