ITEQ (6213) Q1 2024 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$6,155 million, down 8.7% sequentially and 1.7% year-over-year.

• Net income to parent reached NT$154 million, a 52.9% decrease from 4Q23 but up 107.6% year-over-year.

• EPS for Q1 2024 was NT$0.42, down 53.0% sequentially but up 111.6% year-over-year.

• Total comprehensive income for Q1 2024 reached NT$978.7 million, mainly due to large foreign currency translation gains.

Financial highlights

• Gross profit for Q1 2024 was NT$784 million, down 17.8% sequentially but up 17.0% year-over-year.

• Operating profit was NT$246 million, a 41.1% sequential decline but a 92.6% increase year-over-year.

• Income before tax was NT$271 million, down 50.7% sequentially but up 102.3% year-over-year.

• Net margin for Q1 2024 was 2.5%, compared to 4.84% in 4Q23 and 1.18% in 1Q23.

• Cash and cash equivalents stood at NT$5,417.8 million as of March 31, 2024.

Key financial ratios and metrics

• Gross margin was 12.74% in Q1 2024, down from 14.15% in 4Q23 but up from 10.70% in 1Q23.

• Operating margin was 4.00% in Q1 2024, compared to 6.20% in 4Q23 and 2.04% in 1Q23.

• ROE was 3.85% in Q1 2024, up from 3.42% in 4Q23 but down from 5.70% in 1Q23.

• ROA was 2.33% in Q1 2024, slightly down from 2.37% in 4Q23 and 3.62% in 1Q23.

• Debt ratio stood at 41.84% in Q1 2024, nearly flat sequentially and slightly lower year-over-year.