HD Hyundai Heavy Industries (329180) Q3 2024 earnings summary

Executive summary

• 3Q24 sales decreased 7.1% quarter-over-quarter due to fewer working days, but operating profit rose 5.4% driven by a one-off gain in Offshore and improved Engine margins.

• Net income turned to profit year-over-year, despite a 53.1% sequential decline from 2Q24.

Financial highlights

• 3Q24 sales: ₩3,609.2bn, down 7.1% QoQ, up 26.5% YoY.

• Operating profit: ₩206.1bn, up 5.4% QoQ, with OPM at 5.7% (up 0.7pp QoQ).

• Net income: ₩722bn, down 53.1% QoQ, turned to profit YoY.

Outlook and guidance

• Offshore segment benefited from a one-off gain related to a project change order.

• Engine & Machinery segment maintained robust margins through improved productivity and product mix.