Catcher Technology (2474) Q2 2024 earnings summary

Executive summary

• Revenue in 2Q24 was NT$4.672bn, up 27.7% quarter-over-quarter but down 32.2% year-over-year due to a high base in 2Q23 from shipment recovery.

• Net profit after tax (NPAT) for 2Q24 was NT$3.435bn, down 24.9% quarter-over-quarter and 23.4% year-over-year.

• For 1H24, revenue totaled NT$8.331bn, down 20.1% year-over-year; NPAT was NT$8.011bn, up 49.3% year-over-year.

• Total comprehensive income for 1H24 reached NT$12.70bn, up 80% year-over-year.

• Basic EPS for 2Q24 was NT$5.05, compared to NT$6.73 in 1Q24 and NT$6.59 in 2Q23; 1H24 EPS was NT$11.77, up from NT$7.75 in 1H23.

Financial highlights

• Gross profit for 2Q24 reached NT$1.59bn, up 56.0% quarter-over-quarter and down 30.0% year-over-year; gross margin improved to 34.0%.

• Operating profit for 2Q24 was NT$953mn, down 30% year-over-year.

• Non-operating income for 2Q24 was NT$3.60bn, mainly from interest and FX gains.

• EBITDA for 2Q24 was NT$1.426bn, up from NT$880mn in 1Q24 but down from NT$2.082bn in 2Q23.

• FX gains contributed NT$978mn in 2Q24 and NT$3,886mn in 1H24.

Outlook and guidance

• Revenue growth in 2Q24 was driven by promotions from brand customers, but the year-over-year decline reflects a high base effect from last year.

• Management continues to monitor economic conditions and aims for stable and growing dividends.

• The company is focused on sustainable operations and long-term development.