Hyundai Wia (011210) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was KRW 4,374.7 billion, down 0.1% year-over-year, with operating profit at KRW 129.0 billion (2.9% margin).

• Net income for H1 2024 was KRW 82.4 billion, and EPS was KRW 3,005, both lower than the previous year.

• Mobility business accounted for 92% of sales, with slight declines due to lower auto sales; special business (defense exports) grew.

• The company completed a merger with its turbo subsidiary in December 2023 to optimize costs and strengthen competitiveness.

Financial highlights

• H1 2024 revenue: KRW 4,374.7 billion (YoY -0.1%).

• Operating profit: KRW 129.0 billion (margin 2.9%).

• Net income: KRW 82.4 billion; EPS: KRW 3,005.

• Cash and equivalents at period-end: KRW 796.5 billion.

• Dividend per share: KRW 850 (2023), payout ratio 24.8%.

Outlook and guidance

• The company targets continued growth in EV and smart factory solutions, leveraging R&D in e-mobility and automation.

• Global auto production is expected to grow modestly in 2024, but domestic demand remains soft.

• The company plans to expand exports in defense and mobility solutions, and invest in R&D and production capacity.