Hyundai Autoever ( A307950) Q2 2024 earnings summary

Executive summary

• Revenue in 2Q24 reached KRW 918 billion, up 25.5% sequentially and 21.8% year-over-year.

• Operating profit surged to KRW 69 billion, a 123.0% increase quarter-over-quarter and 30.0% year-over-year.

• Net profit doubled to KRW 53 billion, up 101.8% sequentially and 35.1% year-over-year.

Financial highlights

• Gross profit for 2Q24 was KRW 108 billion, up 57.6% quarter-over-quarter and 23.1% year-over-year.

• Operating margin improved to 7.5% in 2Q24 from 4.2% in 1Q24 and 7.0% in 2Q23.

• Net profit margin rose to 7.8% in 2Q24 from 3.6% in 1Q24 and 5.2% in 2Q23.

Outlook and guidance

• Management expects continued growth in automotive software and IT outsourcing, driven by digital transformation and premiumization trends.