Park Systems (A140860) Q2 2024 earnings summary

Executive summary

• 2Q 2024 sales revenue rose 13% YoY and 74% QoQ; operating profit up 26% YoY and 2394% QoQ.

• 1H 2024 sales revenue was ₩70.4 billion, with 92% from exports and 73% from industrial equipment sales.

• Operating profit for 1H 2024 was ₩13.2 billion; net income was ₩16.1 billion, up 57% YoY and 13% HoH but down from ₩24.6 billion in H1 2023.

• Cash and cash equivalents increased to ₩81.4 billion as of June 30, 2024.

• The company maintains a strong global sales network with 7 overseas subsidiaries and a diversified product portfolio.

Financial highlights

• 2Q 2024 sales revenue: 44,697M KRW; operating profit: 12,695M KRW; net income: 13,385M KRW.

• 1H 2024 sales revenue: 70,361M KRW; operating profit: 13,204M KRW; net income: 16,112M KRW.

• Gross profit margin improved, with 2Q gross profit up 18% YoY and 85% QoQ; H1 2024 gross profit was ₩33.9 billion.

• EPS for H1 2024: ₩2,326 (basic), ₩2,319 (diluted).

• Inventory turnover ratio: 1.12 times for H1 2024.

Outlook and guidance

• More industrial product shipments are scheduled for the second half of 2024.

• Anticipates improved sales as semiconductor industry recovers and investments in AI and advanced packaging increase.

• Expects continued demand for atomic force microscopes in semiconductor and packaging sectors.

• Most of the 83B KRW order backlog at 1H-end is expected to be shipped within the year.

• Plans to leverage new product launches and expanded global sales network for growth.