Hyundai Glovis (086280) Q3 2024 earnings summary

Executive summary

• Achieved strong growth in Q3 2024 with sales up 18.0% year-over-year and 5.7% sequentially, reaching KRW 7,468.7B.

• Net profit surged 55.9% year-over-year and 22.6% quarter-over-quarter to KRW 383.6B.

• Operating profit rose 22.1% year-over-year and 6.8% sequentially, with margin improving to 6.3%.

Financial highlights

• EBITDA increased 23.1% year-over-year and 8.1% quarter-over-quarter to KRW 647.9B.

• Pre-tax profit grew 37.6% year-over-year and 12.9% sequentially to KRW 480.3B.

• Gross profit up 30.4% year-over-year and 9.8% sequentially to KRW 661.4B.

Outlook and guidance

• New car demand expected to recover with interest rate cuts in major countries.

• Uncertainties anticipated in the U.S. market due to the presidential election and volatile container shipping rates.

• Rising tariff uncertainties and continued cost pressures from Red Sea and port congestion issues.