WNC (6285) Q1 2024 earnings summary

Executive summary

• Net operating revenue for Q1 2024 was NT$25,584.6 million, up slightly from NT$25,266.5 million in Q1 2023, with net income rising to NT$750.1 million from NT$575.3 million year-over-year.

• Gross profit margin improved to 12% from 11% year-over-year, and total comprehensive income increased to NT$1,775.5 million from NT$947.7 million.

• Earnings per share (EPS) rose to NT$1.58 basic and NT$1.56 diluted, compared to NT$1.43 and NT$1.32, respectively, in the prior year.

Financial highlights

• Operating income for Q1 2024 was NT$752.5 million, up from NT$826.1 million in Q1 2023.

• Non-operating income and expenses netted NT$187.9 million, reversing a loss of NT$106.9 million in Q1 2023, mainly due to foreign exchange gains.

• Cash and cash equivalents increased to NT$9,969.8 million as of March 31, 2024, from NT$4,276.7 million a year earlier.

• Total assets reached NT$70,370.6 million, with equity at NT$32,413.4 million as of March 31, 2024.

• Americas remained the largest market, contributing NT$18,621.2 million in revenue.

Outlook and guidance

• The Board proposed a cash dividend of NT$4.8414 per share for 2023, pending shareholder approval.

• The company continues to invest in capacity expansion, notably in Vietnam, to support future growth.