TES Co (095610) Q3 2024 earnings summary

Executive summary

• Main business is manufacturing semiconductor front-end process equipment, with over 95% of sales from this segment.

• Q3 2024 consolidated sales reached 153.5 billion KRW, operating profit 16.5 billion KRW, and net profit 22.3 billion KRW.

• Domestic sales accounted for 75%, overseas 25%; semiconductor segment contributed 99% of revenue.

Financial highlights

• Consolidated revenue for Q3 2024: 153.5 billion KRW, up from 146.9 billion KRW YoY.

• Operating profit: 16.5 billion KRW (Q3 2023: -5.9 billion KRW), net profit: 22.3 billion KRW (Q3 2023: 1.6 billion KRW).

• Gross margin improved to 21.6% from 16.2% YoY.

• Cash and cash equivalents at period end: 8.6 billion KRW.

• Dividend payout ratio for FY2023 was 560.1%.

Outlook and guidance

• Continued focus on R&D and customer diversification to maintain competitiveness in rapidly evolving semiconductor equipment market.

• Plans to balance future growth and shareholder returns through ongoing dividend policy.