FIT Hon Teng (6088) H2 2024 earnings summary

Executive summary

• Revenue grew 6.1% year-over-year to US$4,451 million, with profit rising 19.1% to US$154 million for 2024.

• Gross profit margin improved to 19.7% from 19.2% due to product mix optimization.

• Networking and EV mobility segments saw strong growth, while smartphone revenue declined.

• Major acquisitions included Auto-Kabel Group and FIT Voltaira Group GmbH, expanding automotive and EV capabilities.

Financial highlights

• Revenue: US$4,451 million (up 6.1% YoY); Profit: US$154 million (up 19.1% YoY).

• Gross profit: US$879 million (up 8.9% YoY); Gross margin: 19.7%.

• Operating profit: US$327 million (up 24.3% YoY); Operating margin: 7.3%.

• Basic EPS: US2.17 cents (up 19.2% YoY).

• No final dividend declared for 2024.

Outlook and guidance

• AI-driven demand expected to boost networking and data center products.

• EV mobility segment to benefit from recent acquisitions and global electrification trends.

• Cautious optimism for high-end smartphones; focus on 5G, AIoT, and acoustics.

• Market demand for computing connectors expected to stabilize in 2025.