UNIVERSAL MICROWAVE TECH (3491) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 (113/1/1–6/30) reached NT$1,081,478 thousand, up 35% year-over-year from NT$801,640 thousand.

• Net income attributable to owners for the same period was NT$255,681 thousand, up 127% year-over-year.

• Basic EPS for the first half was NT$4.03, compared to NT$1.81 in the prior year.

Financial highlights

• Gross margin for the first half was 49%, compared to 62% in the prior year.

• Operating income for the first half was NT$274,634 thousand, up 29% year-over-year.

• Cash and cash equivalents at June 30, 2024, were NT$987,842 thousand, up from NT$888,213 thousand a year ago.

• Total assets at June 30, 2024, were NT$4,212,694 thousand, up from NT$3,322,255 thousand a year ago.

• Total liabilities increased to NT$1,618,455 thousand from NT$1,024,174 thousand year-over-year.

Outlook and guidance

• The company is expanding production capacity and investing in new subsidiaries in Vietnam and Thailand to support future growth.

• A major group restructuring is underway, with a reverse triangular merger involving Cayman and subsidiary entities, aiming for improved operational efficiency.