HD Hyundai Electric (267260) Q4 2024 earnings summary

Executive summary

• Achieved strong sales and operating profit growth in 4Q24, with continued order momentum and a record backlog despite some delivery deferrals.

• 2024 annual orders exceeded plan, with significant YoY increases in sales and operating margin.

Financial highlights

• 4Q24 sales reached KRW 815.7 bn, up 3.4% QoQ and 2.3% YoY; operating profit was KRW 166.3 bn, up 1.5% QoQ and 33.4% YoY.

• Net profit for 4Q24 was KRW 123.9 bn, up 6.3% QoQ but down 10.9% YoY.

• 2024 annual sales were KRW 3.322 tn, up 22.9% YoY; operating margin reached 20.1%, up 8.4%p YoY.

• Order backlog at year-end was USD 5.54 bn, up 28.8% YoY.

Outlook and guidance

• 2025 targets: orders of USD 3.822 bn and sales of KRW 3.8918 tn, aiming for continued growth.

• North America outlook positive with expected power demand growth from policy changes and energy investments.

• Middle East focus on high-value products amid anticipated order decline due to localization policies.

• Marine segment expects increased orders for LNG vessels and expansion in China.