Yankey Engineering (6691) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 was NT$6,185,497 thousand, a 24% decrease year-over-year from NT$8,101,260 thousand.

• Net income for the six months was NT$815,077 thousand, down 8% from NT$887,657 thousand year-over-year.

• Gross margin improved to 21% from 17% year-over-year, despite lower revenue.

• Earnings per share for the six months were NT$7.77 (basic and diluted), compared to NT$8.47 and NT$8.46, respectively, in the prior year.

Financial highlights

• Operating income for the six months was NT$1,024,991 thousand, a 7% decrease year-over-year.

• Cash and cash equivalents increased to NT$4,071,635 thousand as of June 30, 2024, up from NT$3,878,337 thousand a year earlier.

• Total assets grew to NT$14,019,956 thousand, up from NT$13,160,697 thousand year-over-year.

• Dividends payable as of June 30, 2024 were NT$1,398,229 thousand.

Outlook and guidance

• Outstanding performance obligations as of June 30, 2024 were NT$33,015,384 thousand, to be recognized as revenue over the next one to three years.

• The company expects continued revenue recognition from large contract backlogs.