Wistron (3231) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024, was NT$479.5 billion, up 14% year-over-year, with net profit at NT$13.3 billion, a 97% increase from the prior year period.

• Gross margin improved to 7.8% from 7.3% year-over-year, and operating income rose 56% to NT$15.7 billion.

• The group completed the acquisition of GEOSAT Aerospace & Technology Inc., expanding into unmanned aerial vehicle products and engineering services.

Financial highlights

• Net revenues for Q2 2024 were NT$240.2 billion, up 15.8% year-over-year.

• Gross profit for the six months was NT$37.3 billion, up from NT$30.5 billion year-over-year.

• Operating income for the six months reached NT$15.7 billion, up from NT$10.1 billion year-over-year.

• Net profit attributable to owners for the six months was NT$7.9 billion, up from NT$3.4 billion year-over-year.

• Basic EPS for the six months was NT$2.79, compared to NT$1.23 in the prior year period.

Outlook and guidance

• The group continues to invest in R&D and expand its product portfolio, including new business in aerospace and medical devices.

• WYHQ, a key subsidiary, raised significant capital through foreign depository receipts and convertible bonds in July 2024 to fund material purchases and expansion.