Evergreen Marine Corporation (Taiwan) (2603) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2024 reached NT$109.97 billion, up 24% year-over-year, with net income attributable to parent at NT$27.36 billion, a 57% increase from Q1 2023.

• Gross margin improved to 30% from 22% year-over-year, and basic EPS rose to NT$12.64 from NT$8.14.

• Cash and cash equivalents increased to NT$271.99 billion as of March 31, 2024, from NT$173.54 billion a year earlier.

• The company continued to expand its global shipping and logistics network, including new investments and acquisitions.

Financial highlights

• Operating income for Q1 2024 was NT$29.33 billion, up 87% year-over-year.

• EBITDA for the quarter was NT$40.63 billion, compared to NT$28.03 billion in Q1 2023.

• Total assets reached NT$956.49 billion, up from NT$781.70 billion year-over-year.

• Net cash from operating activities was NT$41.35 billion, up from NT$24.84 billion in Q1 2023.

• Dividend proposal for 2023 is NT$32.5 per share, pending shareholder approval.

Outlook and guidance

• Management expects continued growth in shipping demand and stable freight rates, supported by ongoing fleet and network expansion.

• The company is monitoring global economic and geopolitical risks, with a focus on cost control and operational efficiency.

• Ongoing investments in new vessels and equipment are expected to enhance capacity and competitiveness.