Hyosung Heavy Industries (298040) Q3 2024 earnings summary

Executive summary

• Achieved strong financial performance in 3Q 2024, with significant improvements in profitability and order intake across core divisions.

• Growth driven by increased global sales, especially in the US, Europe, and Middle East, and robust order backlog.

Financial highlights

• Sales revenue reached KRW 1,145.2 billion, up 10.2% year-over-year but down 4.1% sequentially.

• Operating profit rose to KRW 111.4 billion, up 77.7% quarter-over-quarter and 17.8% year-over-year.

• Net profit increased to KRW 72.4 billion, up 156.7% sequentially and 28.4% year-over-year.

• EBITDA for the quarter was KRW 129.6 billion, up 60.4% quarter-over-quarter and 12.2% year-over-year.

• Gross profit margin improved to 18.3% from 13.3% in the previous quarter.

Outlook and guidance

• Continued focus on expanding global market presence and enhancing profitability through high-margin projects.

• Ongoing risk management and cost control measures to address market volatility.