Getac (3005) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was NT$34,792,557 thousand, up 7% YoY; net income was NT$3,957,417 thousand and net income attributable to owners was NT$3,744,542 thousand, up 46%.

• Auditors issued an unqualified opinion; inventory valuation and product-sales revenue recognition were key audit matters.

Financial highlights

• Gross profit was NT$9,735,429 thousand, up 18% YoY; operating profit was NT$3,966,563 thousand, up 28%.

• FY2023 gross margin was 28.0% versus 25.4% in 2022; operating margin was 11.4% versus 9.5%.

• Q4 revenue was NT$8,974 million, down 1% QoQ; operating profit fell 15% QoQ and operating margin was 11.6% versus 13.6% in Q3.

• Net income attributable to owners was NT$3,744,542 thousand; basic EPS was NT$6.17 and diluted EPS NT$6.04, versus NT$4.27 and NT$4.23 in 2022.

Segment performance

• Electronic parts revenue was NT$18,155,954 thousand and segment income NT$2,749,104 thousand, versus NT$15,463,217 thousand and NT$1,562,144 thousand in 2022.

• Structure parts revenue was NT$13,565,979 thousand and segment income NT$900,710 thousand, versus NT$14,819,995 thousand and NT$969,558 thousand in 2022.

• Aerospace fasteners revenue was NT$3,070,624 thousand and segment income NT$307,603 thousand, versus NT$2,192,921 thousand and NT$149,975 thousand in 2022.