Lungteh Shipbuilding (6753) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$1,236,952 thousand, up 8.6% year-over-year, with net income at NT$167,704 thousand, down 34% from Q1 2023.

• Gross margin declined to 19% from 32% year-over-year, reflecting higher cost of goods sold.

• Earnings per share (EPS) for Q1 2024 were NT$1.48 basic and NT$1.45 diluted, compared to NT$2.37 and NT$2.36 in Q1 2023.

Financial highlights

• Operating income for Q1 2024 was NT$197,946 thousand, a 40% decrease year-over-year.

• Total assets as of March 31, 2024, were NT$9,989,915 thousand, with total liabilities at NT$6,130,258 thousand.

• Cash and cash equivalents at quarter-end were NT$2,590,429 thousand, down from NT$2,829,804 thousand at year-end 2023.

• Operating cash flow for Q1 2024 was negative NT$376,105 thousand, compared to negative NT$601,114 thousand in Q1 2023.

• Capital expenditures for property, plant, and equipment were NT$297,342 thousand in Q1 2024.

Outlook and guidance

• Backlog for unfulfilled shipbuilding contracts totaled NT$6,024,482 thousand as of March 31, 2024, with expected completion in 3–19 months.

• 2023 earnings distribution includes a proposed cash dividend of NT$1.10 and stock dividend of NT$0.50 per share, pending shareholder approval.