PixArt Imaging (3227) Q1 2024 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$1,750,414 thousand, up from NT$1,087,099 thousand in Q1 2023, reflecting strong sales growth year-over-year.

• Net income for Q1 2024 reached NT$291,163 thousand, a significant increase from NT$4,987 thousand in Q1 2023.

• Gross profit margin improved to 57.2% in Q1 2024 from 54.8% in Q1 2023.

• Earnings per share (EPS) for Q1 2024 were NT$2.02 basic and NT$1.98 diluted, compared to NT$0.03 for both in Q1 2023.

Financial highlights

• Operating income for Q1 2024 was NT$231,526 thousand, up from NT$15,741 thousand in Q1 2023.

• Total assets as of March 31, 2024 were NT$12,767,240 thousand, up from NT$11,589,877 thousand a year earlier.

• Cash and cash equivalents increased to NT$4,475,465 thousand as of March 31, 2024.

• Shareholders’ equity rose to NT$9,709,641 thousand as of March 31, 2024.

• Cash dividend of NT$4.589 per share (proposed) for 2023 earnings.

Outlook and guidance

• Management expects the majority of unsatisfied performance obligations (NT$103,807 thousand) to be recognized as revenue in 2024, with the remainder in 2025.