C&G SYSTEMS INC., The Current Fiscal Year Ordinary Profit Revised Downward by 41%

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Wed Nov 13, 2024 4:00 pm JST Earnings

6633 C&G SYSTEMS INC. 【J-GAAP】

Earnings Report

C&G SYSTEMS INC. <6633> [TSE-S] 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) decreased by 22.0% from the same period last year to 156 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 41.3%, from the previous forecast of 341 million yen to 200 million yen (compared to 150 million yen in the previous period), leading to a reduction in the profit growth rate from 2.3 times to 33.3%.

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 55.3%, from the previous forecast of 255 million yen to 114 million yen (compared to a loss of 76 million yen in the same period of the previous year).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit/loss turned to a profit of profit of 70 million yen (compared to a loss of 26 million yen in the same period last year). The operating profit/loss margin drastically improved from -4.1% in the same period last year to 5.5%.

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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	3,331	406	456	265	28.0	89.1	Nov 11, 2022	J-GAAP
Jan - Sep, 2023	2,968	140	200	103	10.9	133.3	Nov 14, 2023	J-GAAP
Jan - Sep, 2024	2,803	108	156	93	9.8	78.0	Nov 13, 2024	J-GAAP
YoY	-5.6%	-22.9%	-22.0%	-9.7%	-10.1%

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	2,240	246	255	154	16.2	10	Aug 9, 2024	J-GAAP
Jul - Dec, 2024 New	1,971	73	114	81	8.5	10	Nov 13, 2024	J-GAAP
Revision Rate	-12.0%	-70.3%	-55.3%	-47.4%	-47.4%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	4,070	300	341	193	20.3	10	Feb 14, 2024	J-GAAP
Dec, 2024 New	3,801	127	200	120	12.6	10	Nov 13, 2024	J-GAAP
Revision Rate	-6.6%	-57.7%	-41.3%	-37.8%	-37.8%

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	1,759	-87	-76	-67	-7.1	10	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	1,971	73	114	81	8.5	10	Nov 13, 2024	J-GAAP
YoY	+12.1%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	4,421	455	512	293	30.9	13	Feb 10, 2023	J-GAAP
Dec, 2023	3,826	90	150	68	7.2	10	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	3,801	127	200	120	12.6	10	Nov 13, 2024	J-GAAP
YoY	-0.7%	+41.1%	+33.3%	+76.5%	+75.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	901	-37	-26	-32	-3.4	-4.1	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	858	-50	-50	-35	-3.7	-5.8	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	935	37	56	24	2.6	4.0	May 15, 2024	J-GAAP
Apr - Jun, 2024	895	17	30	15	1.6	1.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	973	54	70	54	5.7	5.5	Nov 13, 2024	J-GAAP
YoY	+8.0%	－	－	－	－