DOOSAN TESNA (131970) Q3 2024 earnings summary

Executive summary

• 3Q24 consolidated sales and operating profit declined year-over-year due to Bobcat's strong prior-year performance, while net debt increased from reduced advance payments at Doosan Enerbility.

• In-house business sales and operating profit rose year-over-year, driven by high-end product growth in the Electro-Material segment.

Financial highlights

• Consolidated sales fell 14.5% year-over-year to KRW 3,879bn; operating profit dropped 65.5% to KRW 110bn; net income swung to a loss of KRW -95bn.

• Parent company sales increased 6.1% year-over-year to KRW 760bn; operating profit up 78.1% to KRW 59bn; net income turned positive at KRW 5bn.

Outlook and guidance

• Annual sales and operating profit for in-house business expected to grow year-over-year, led by Electro-Material performance.

• Electro-Materials segment anticipates further sales and profit growth in 4Q24 with mass production of high-end products.

• Doosan Enerbility likely to achieve annual order target as major EPC projects are concentrated in 4Q.