TECO Electric & Machinery (1504) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024 was NT$41.71 billion, down from NT$45.03 billion year-over-year, reflecting a 7% decrease.

• Net income attributable to owners for the nine months was NT$4.58 billion, compared to NT$4.74 billion in the prior year period.

• Basic and diluted EPS for the nine months were NT$2.17, slightly lower than NT$2.25 year-over-year.

• The review report was qualified due to 18% of consolidated assets and 11% of liabilities being based on unreviewed subsidiary financials.

Financial highlights

• Gross margin for the nine months was 26%, consistent with the prior year.

• Operating profit for the nine months was NT$5.15 billion, down from NT$5.53 billion year-over-year.

• Total assets as of September 30, 2024 were NT$126.86 billion; equity attributable to owners was NT$78.97 billion.

• Cash and cash equivalents increased to NT$24.59 billion from NT$22.93 billion year-over-year.

• Dividend payout for 2023 earnings was NT$2.2 per share.

Outlook and guidance

• Management expects continued focus on green mechatronic and intelligent energy solutions.

• No specific quantitative forward-looking guidance was provided.