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CROSS PLUS INC., First Half Ordinary Profit Decreases by 13%

Fri Sep 13, 2024 3:00 pm JST Earnings

3320 CROSS PLUS INC. 【J-GAAP】

Earnings Report

CROSS PLUS INC. <3320> [TSE-S] announced its financial results after the market closed on September 13th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending January 2025 (February to July) decreased by 12.8% from the same period last year to 997 million yen. However, this progress accounts for 73.9% of the full-year plan of 1.35 billion yen, also surpassing the five-year average of 55.3%.

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 August to January period (second half) is expected to significant drop by 57.5% from the same period last year to 353 million yen.

In the most recent three-month period, from May to July (2Q), the consolidated ordinary profit dropped to 238 million yen, a 34.4% decrease compared to the same period last year. The operating profit margin worsened from 2.2% in the same period last year to 1.1%.

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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
Feb - Jul, 2022 26,131 411 569 847 115.6 137.8 Sep 14, 2022 J-GAAP
Feb - Jul, 2023 27,547 1,041 1,144 1,254 170.9 58.0 Sep 8, 2023 J-GAAP
Feb - Jul, 2024 29,616 893 997 754 102.2 73.9 Sep 13, 2024 J-GAAP
YoY +7.5% -14.2% -12.8% -39.9% -40.2%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb - Jul, 2024 Guidance 29,600 890 990 750 101.4 15 Sep 6, 2024 J-GAAP
Feb - Jul, 2024 Results 29,616 893 997 754 102.2 15 Sep 13, 2024 J-GAAP
Revision Rate +0.1% +0.3% +0.7% +0.5% +0.8%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Aug - Jan, 2023 32,643 756 830 810 110.1 15 Mar 15, 2024 J-GAAP
Aug - Jan, 2024 Guidance 32,384 307 353 346 46.8 15 Sep 13, 2024 J-GAAP
YoY -0.8% -59.4% -57.5% -57.3% -57.5%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jan, 2023 57,056 183 413 455 62.1 12 Mar 17, 2023 J-GAAP
Jan, 2024 60,190 1,797 1,974 2,064 280.5 27 Mar 15, 2024 J-GAAP
Jan, 2025 Guidance 62,000 1,200 1,350 1,100 148.7 30 Mar 15, 2024 J-GAAP
YoY +3.0% -33.2% -31.6% -46.7% -47.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
May - Jul, 2023 12,736 281 363 371 50.6 2.2 Sep 8, 2023 J-GAAP
Aug - Oct, 2023 17,783 982 1,004 870 118.4 5.5 Dec 8, 2023 J-GAAP
Nov - Jan, 2023 14,860 -226 -174 -60 -8.2 -1.5 Mar 15, 2024 J-GAAP
Feb - Apr, 2024 15,734 738 759 506 68.7 4.7 Jun 14, 2024 J-GAAP
May - Jul, 2024 13,882 155 238 248 33.6 1.1 Sep 13, 2024 J-GAAP
YoY +9.0% -44.8% -34.4% -33.2% -33.5%

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