Korea Aerospace Industries (047810) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 consolidated revenue of KRW 891.8bn and operating profit of KRW 74.3bn, both up year-over-year.

• New orders reached KRW 2,854.8bn, with a backlog of KRW 23.3tn across domestic, export, and aerostructure segments.

• Major domestic projects included KF-21 initial production and system development, while exports focused on FA-50 platforms and aerostructure components for global OEMs.

Financial highlights

• Revenue increased to KRW 891.8bn in Q2 2024 from KRW 733.5bn in Q2 2023.

• Operating profit rose to KRW 74.3bn from KRW 8.4bn year-over-year.

• Net income improved to KRW 55.4bn, up from KRW 9.9bn in the prior year quarter.

• Gross margin expanded to 14.9% from 7.9% year-over-year.

Outlook and guidance

• 2024 full-year order target set at KRW 5,914.7bn, with cumulative backlog supporting future growth.

• Continued focus on domestic defense programs and international aerostructure contracts.