HD Hyundai Electric (267260) Q3 2024 earnings summary

Executive summary

• 3Q24 performance decreased sequentially due to seasonality and a strong prior quarter but remained solid year-over-year, with order backlog and profitability of new orders continuing to grow.

Financial highlights

• 3Q24 sales were KRW 788.7bn, down 14.0% QoQ but up 13.6% YoY.

• Operating profit was KRW 163.8bn, down 22.0% QoQ but up 91.8% YoY; OP margin at 20.8%.

• Net income before taxes was KRW 152.6bn, down 27.1% QoQ, up 128.8% YoY; net profit at KRW 116.6bn.

• Order backlog reached USD 5,399m, up 2.8% QoQ and 36.1% YoY.

Outlook and guidance

• North America market outlook remains favorable due to U.S. DOE grid investments and rising power demand from AI and data centers.

• Middle East focus on LNG facility investments and high-spec transformer orders; market diversification ongoing.

• Marine segment outlook stable, supported by environmental regulations and LNG carrier demand.