Hanwha Solutions (009830) Q3 2024 earnings summary

Executive summary

• Q3 2024 consolidated sales rose 4% sequentially to KRW 2,773.3 billion, driven by increased power generation asset development in Renewable Energy.

• Operating loss narrowed to KRW 81 billion, with improved profitability in Renewable Energy; net loss was KRW 387.7 billion.

• The company is focusing on sustainable growth through differentiated technology and innovation in energy and materials.

• Cash and cash equivalents increased to KRW 2,135.4 billion; net debt rose to KRW 10,312.5 billion.

Financial highlights

• Q3 consolidated sales: KRW 2,773.3 billion, up 4% quarter-on-quarter.

• Operating loss: KRW 81 billion, improved from previous quarter.

• Net loss: KRW 387.7 billion; pre-tax loss: KRW 370.3 billion.

• Cash and cash equivalents: KRW 2,135.4 billion, up KRW 53.4 billion from year-end.

• Net debt increased by KRW 3,044.6 billion to KRW 10,312.5 billion.

Outlook and guidance

• Q4 expected to see a turnaround in Renewable Energy with KRW 1.2 trillion in power generation asset sales.

• Annual module sales guidance revised from 9 GW to 8 GW due to a temporary power outage at the U.S. Dalton facility.

• AMPC annual guidance maintained at KRW 500–600 billion; Q4 AMPC expected to be KRW 140–240 billion.

• Construction of new U.S. facility in Cartersville delayed to second half of 2025 for full ramp-up.

• Renewable energy expected to grow in the US and Europe, driven by IRA guidelines and stable interest rates.