Delta Electronics (2308) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached NT$114.2 billion, up 14% year-over-year and 2% sequentially, driven by strong data center and infrastructure demand, while mobility lagged.

• Full-year 2024 revenue was NT$421.1 billion, a 5% increase from the prior year, with net profit after tax at NT$35.2 billion, up 5% year-over-year.

• Q4 net profit after tax was NT$7.2 billion, down 20% year-over-year and 42% sequentially.

• Proposed cash dividend of NT$7 per share for 2024.

• Consolidated financials audited and in compliance with IFRS and local regulations.

Financial highlights

• Q4 gross profit margin was 30.8%, up from 30.4% a year ago but down from 34.9% in Q3; full-year gross margin improved to 32.4% from 29.2%.

• Q4 EBITDA was NT$17.0 billion, down 11% year-over-year and 30% sequentially; full-year EBITDA was NT$77.9 billion, up 9%.

• Q4 operating profit was NT$10.7 billion, up 3% year-over-year but down 35% sequentially; full-year operating profit rose 16% to NT$47.7 billion.

• Full-year EPS was NT$13.56, up from NT$12.86; Q4 EPS was NT$2.22.

• Q4 non-operating loss of NT$862 million, mainly from investment impairment and negative FX.

Outlook and guidance

• Strong demand anticipated in data center, AI server, and energy-efficient solutions for the first half of the year, though supply chain uncertainties persist.

• EV business expected to remain flat year-over-year due to ongoing market headwinds.

• Double-digit top-line growth targeted annually, but subject to market uncertainties.

• Ongoing capital investments in R&D and production capacity.