TECO Electric & Machinery (1504) Q2 2024 earnings summary

Executive summary

• Consolidated revenue for the six months ended June 30, 2024 was NT$28.26 billion, down 5.7% year-over-year, with net profit attributable to owners at NT$2.81 billion, a 25% decrease from the prior year.

• Earnings per share for the six-month period were NT$1.33, compared to NT$1.78 in the same period last year.

• The review report included a qualified conclusion due to unreviewed financials from certain subsidiaries and investees, representing 17% of total assets and 10% of total liabilities.

Financial highlights

• Gross margin for the six-month period was 27%, consistent with the prior year.

• Operating profit for the six months was NT$3.25 billion, down from NT$3.48 billion year-over-year.

• Net cash from operating activities was NT$1.36 billion, up from NT$1.15 billion in the prior year.

• Total assets as of June 30, 2024 were NT$127.77 billion, with equity attributable to owners at NT$77.09 billion.

• Dividend per share for 2023 earnings was NT$2.2, paid in the current period.

Outlook and guidance

• Management expects continued focus on green mechatronic and intelligent energy solutions, with ongoing investments in R&D and capacity expansion.

• The company is monitoring global economic and supply chain risks, with a cautious outlook for the remainder of 2024.