Hyundai Autoever ( A307950) Q3 2024 earnings summary

Executive summary

• Revenue for 3Q24 reached KRW 905 billion, up 21.3% year-over-year but down 1.5% sequentially from 2Q24.

• Net profit for 3Q24 was KRW 45 billion, a 22.6% increase year-over-year but a 15.1% decrease from the previous quarter.

• Operating profit margin for 3Q24 was 5.8%, reflecting a margin drop due to higher salary expenses despite revenue growth.

Financial highlights

• Gross profit for 3Q24 was KRW 96 billion, up 13.3% year-over-year but down 10.4% sequentially.

• Operating profit for 3Q24 was KRW 52 billion, up 16.0% year-over-year but down 23.4% from 2Q24.

• Pre-tax profit for 3Q24 was KRW 54 billion, up 11.6% year-over-year but down 25.0% sequentially.

• SG&A-to-sales ratio improved due to reduced overhead and better operational efficiency.

Outlook and guidance

• Management notes that forecasts are based on current strategies and may change with business conditions.