Compal Electronics (2324) Q3 2024 earnings summary

Executive summary

• 3Q24 net sales reached NT$244.3Bn, up 3% sequentially but down 3% year-over-year.

• Net income for 3Q24 was NT$3,774Mn, a 15% increase quarter-over-quarter and 33% year-over-year.

• For 1-3Q24, net sales totaled NT$681.1Bn, down 3% year-over-year, while net income rose 34% to NT$9,358Mn.

• Consolidated financial statements for the nine months ended September 30, 2024 and 2023 were reviewed with a qualified conclusion due to certain non-significant subsidiaries not reviewed by independent auditors.

• The group operates globally in notebook PCs, monitors, LCD TVs, mobile phones, and related components.

Financial highlights

• 3Q24 gross profit was NT$12,239Mn, up 4% sequentially and 9% year-over-year.

• Operating profit for 3Q24 increased 15% quarter-over-quarter and 28% year-over-year to NT$4,677Mn.

• EPS for 3Q24 was NT$0.77, up 16% sequentially and 39% year-over-year.

• For the nine months ended September 30, 2024, net profit attributable to owners was NT$8.1Bn, up from NT$5.9Bn year-over-year.

• Basic earnings per share for the nine months was NT$1.86, compared to NT$1.35 year-over-year.

Outlook and guidance

• Management provided forward-looking statements, cautioning about risks and uncertainties that could cause actual results to differ materially from expectations.

• The group does not expect new accounting standards effective in 2025 to have a significant impact.

• Operations are not affected by seasonality or cyclicality.