HL Mando (A204320) Q3 2024 earnings summary

Executive summary

• Achieved record-high 3Q sales of KRW 2,171.7 bn, up 2.5% year-over-year, driven by a balanced regional customer portfolio.

• Operating profit reached KRW 82.5 bn (3.8% margin), while net profit was negative at KRW -49.2 bn (-2.3% margin), impacted by valuation loss on financial assets.

• Secured KRW 3.3 tn in new business wins, reaching 98.4% of the FY 2024 target.

• Expanded business with major OEMs in China, India, and North America, and joined SDVerse as the exclusive chassis solutions provider.

Financial highlights

• Sales increased to KRW 2,171.7 bn, up 2.5% year-over-year and 1.1% sequentially.

• Operating profit was KRW 82.5 bn, flat year-over-year but down 7.1 bn sequentially.

• Net income turned negative at KRW -49.2 bn, compared to KRW 19.3 bn a year ago and KRW 11.9 bn in the previous quarter.

• Profit before tax was impacted by a valuation loss on financial assets.

Outlook and guidance

• New business wins in 3Q24 reached KRW 3.3 tn, nearly meeting the full-year target.

• Continued focus on expanding product offerings and regional diversification.