XCMG Construction Machinery (000425) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders rose 28.28% year-over-year in Q3 2024, despite a 6.37% decline in revenue for the quarter.

• Year-to-date net profit increased 9.71% compared to the same period last year, with improved profitability metrics.

• Cash flow from operating activities grew 24.45% year-over-year for the quarter.

Financial highlights

• Q3 2024 revenue was ¥19.09 billion, down 6.37% year-over-year; year-to-date revenue was ¥68.73 billion, down 4.11%.

• Net profit attributable to shareholders in Q3 was ¥1.60 billion, up 28.28% year-over-year; year-to-date net profit was ¥5.31 billion, up 9.71%.

• Basic and diluted EPS for Q3 were ¥0.14, up 27.27% year-over-year; year-to-date EPS was ¥0.45, up 9.76%.

• Gross margin and operating profit improved, with non-recurring items contributing ¥420 million to year-to-date profit.

• Total assets at period end were ¥165.97 billion, up 2.45% from last year-end.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 2.72%, up 0.58 percentage points year-over-year; year-to-date ROE was 9.13%, up 0.29 percentage points.

• Operating cash flow for Q3 was ¥2.04 billion, up 24.45% year-over-year.