WPG (TWSE:3702) Reports First Quarter Net Income and EPS Exceeding Forecast, with Year-On-Year Growth More Than Double; Consolidated Sales and Profit from Business will continue to Grow in the Second Quarter
WPG (TWSE:3702) Reports First Quarter Net Income and EPS Exceeding Forecast, with Year-On-Year Growth More Than Double; Consolidated Sales and Profit from Business will continue to Grow in the Second Quarter
2024/05/09
WPG announces 2024 First quarter consolidated sales, operating income, net income and EPS all surpassed the high range of forecasts. Consolidated sales of NT$181.94 billion and operating income of NT$3.252 billion hitting second highest quarterly record for the period, YoY +25.7% and 67.5% respectively. Net income increased by 184.6% YoY to NT$1.949 billion, with an EPS of NT$1.16.
2024 First Quarter key financial indicators Return on Equity (ROE) was 9%, Return on Working Capital (ROWC) was 8.2%.
For 2024 Second quarter, WPG anticipates continued growth in its core business, driven mainly by positive factors such as server business, resurgence in demand for notebooks, and a rebound in memory prices. In addition, North America and Southeast Asia customers have put into production driving demand for semiconductor and related electronic components. Based on an exchange rate assumption of NT$32.3 to the U.S. dollar, WPG forecasts a median QoQ increase in consolidated sales of 7.2% to NT$190 billion to NT$200 billion, gross margin of 3.7% to 3.9, operating margin of 1.7% to 1.9%, with a median QoQ increase in operating income of 8.1% to NT$3.23 billion to NT$3.8 billion, and estimated net income of NT$1.36 billion to NT$1.76 billion, resulting in an estimated EPS of NT$0.54 to NT$0.78.
WPG continues to actively engage in ESG initiatives, maintaining a leading position within the industry in Taiwan. Following the A rating received in February for two consecutive years from domestic and foreign institutional investors and funds using the MSCI ESG rating indicators, the company was further honored in April by ranking in the top 5% of the tenth corporate governance evaluation, demonstrating significant recognition from both international rating agencies and domestic evaluation institutions for WPG's commitment to ESG sustainable management.
Table: WPG Holdings Ltd. Consolidated Financial Statements for the year ended March 31, 2024 (In brief)
Units：NT$million
|
Income Statement (year ended March 31, 2024) |
|
Balance Sheet (March 31, 2024) |
||
|
Item |
Amount |
|
Item |
Amount |
|
Operating revenues |
181,904 |
|
Current Assets |
293,598 |
|
Cost of Goods Sold |
(175,115) |
|
Accounts receivables |
135,378 |
|
Gross Profit |
6,789 |
|
Inventories |
121,535 |
|
Operating Expenses |
(3,537) |
|
Other assets |
44,650 |
|
Operating income |
3,252 |
|
Total Assets |
338,249 |
|
Non-op Expenses |
(881) |
|
Current Liabilities |
228,381 |
|
Profit Before Tax |
2,371 |
|
Current Borrowing |
113,732 |
|
Tax |
(400) |
|
Accounts payables |
97,661 |
|
Minority & Others |
(22) |
|
LT Liabilities |
14,007 |
|
Profit After tax |
1,949 |
|
Total Liabilities |
246,736 |
|
EPS - Common Stock (Note1) |
1.16 |
|
Common Stock |
16,791 |
|
Note1：Based on weighted average outstanding shares. |
|
Total Equity |
91,513 |
|
|
Cash Flow Statement (year ended March 31, 2024) |
|
|
Item |
Amount |
|
Income before Income Tax |
2,371 |
|
Change in NWC |
(10,533) |
|
Operating cash inflow /(outflow) |
(12,930) |
|
Investment cash inflow /(outflow) |
(2,149) |
|
Change in Financial Debt |
5,490 |
|
Financing cash inflow /(outflow) |
5,437 |
|
Cumulative translation adjustments |
3,527 |
|
Net Cash |
(6,116) |
|
Beginning cash balance |
21,796 |
|
Ending cash balance |
15,681 |
IR contacts：Cliff Yuan/ Zoe Peng
Tel：886-2-2191-0068 ext.85268/ext.85262
Email address: ir@WPGholdings.com
Corporate website: www.WPGholdings.com