WNC (6285) Q4 2024 earnings summary

Executive summary

• Q4 2024 net revenue rose 7.6% sequentially to NT$27,949 million, with operating income up 85.9% QoQ to NT$1,117 million.

• Full-year 2024 net revenue was NT$110,213 million, down 0.5% year-over-year; operating income declined 20.5% YoY.

• Q4 2024 EPS was NT$2.14, nearly double the previous quarter; full-year 2024 EPS was NT$7.26, down from NT$8.98 in 2023.

• Consolidated financial statements for 2024 and 2023 were audited with an unmodified opinion, confirming fair presentation in accordance with IFRS and local regulations.

• Major acquisition in 2024: 100% equity of NMX in Mexico to enhance supply chain agility and North American market presence.

Financial highlights

• Q4 2024 realized gross profit increased 21.8% QoQ to NT$3,595 million; gross margin improved to 12.9%.

• Q4 2024 PAT was NT$1,016 million, up 95.4% QoQ; full-year PAT was NT$3,451 million, down 9.3% YoY.

• Net operating revenue for 2024 was $110.2 billion, nearly flat year-over-year.

• Net income for 2024 was $3.45 billion, down from $3.80 billion in 2023.

• Cash and cash equivalents increased to $13.1 billion at year-end 2024 from $8.1 billion in 2023.

Key financial ratios and metrics

• Q4 2024 gross margin was 12.9%, up from 11.4% in Q3; full-year 2024 gross margin was 12.1%.

• Debt-to-capital ratio improved to 94.58% at year-end 2024 from 100.55% in 2023.

• Operating cash flow increased to $10.3 billion in 2024 from $7.1 billion in 2023.

• Q4 2024 operating margin improved to 4.0% from 2.3% in Q3; full-year operating margin was 3.4%.

• Basic EPS was $7.26 in 2024, compared to $8.98 in 2023.