WNC (6285) Q2 2024 earnings summary

Executive summary

• Net operating revenue for the six months ended June 30, 2024, was $56,297,213 thousand, up 8.5% year-over-year from $51,893,610 thousand.

• Net income for the six months was $1,914,658 thousand, a 25.8% increase from $1,521,692 thousand year-over-year.

• Gross margin improved to 12% from 12% year-over-year, with gross profit rising to $6,833,622 thousand.

• Earnings per share for the six months were NT$4.03 basic and NT$3.97 diluted, compared to NT$3.72 and NT$3.48, respectively, year-over-year.

Financial highlights

• Operating income for the six months was $4,839,199 thousand, up from $4,164,607 thousand year-over-year.

• Cash and cash equivalents increased to $11,661,616 thousand as of June 30, 2024, from $4,562,227 thousand a year earlier.

• Total assets grew to $76,658,119 thousand, up from $65,931,131 thousand as of June 30, 2023.

• Operating cash flow for the six months was $6,236,958 thousand, up from $4,422,935 thousand year-over-year.

Outlook and guidance

• Management expects continued growth in the North American market following the acquisition of NMX in April 2024.

• Adoption of new IFRS standards is not expected to have a significant impact on future financial statements.