Hyundai Mobis reports lower-than-expected net profit in Q3
The auto parts maker logged a net profit of 559.9 billion won ($394 million) in the third quarter, up 4.6 percent on year. But the figure fell short of the market consensus of 921 billion won as compiled by FnGuide.
Quarterly revenue came in at a record high of 13.2 trillion won, up 31.9 percent on year. It beat the market expectation of 12.5 trillion won.
Operating profit rose 25.9 percent to 576 billion won, slightly lower than the market consensus of 580 billion won.
The company cited rising raw material costs and logistics expenses for the figure.
"But revenues rose thanks to the increased sales of modules and key auto parts as global automakers' production grew," Mobis said in a statement. "Increased sales of electric auto parts also helped."
More specifically, the company’s sales from completing core auto parts orders from global automakers rose 37.3 percent on year to 10.6 trillion won.
Of them, sales of electric car components surged 62.7 percent to 2.5 trillion won, a record high.
Earlier in the month, Mobis announced that it signed a supply deal with Mercedes-Benz AG to supply chassis modules for four Mercedes-Benz electric SUVs.
Mobis has built a dedicated facility for this deal in McCalla, Alabama, which has been fully operational since July.
The McCalla plant is Mobis' fifth plant in the United States. It operates plants in Alabama and Georgia to produce modules for Hyundai Motor and Kia, and in Michigan and Ohio for Stellantis.
This year, Hyundai Mobis said it hopes to reach $3.74 billion in exports by targeting more global premium auto brands. The company already met 90 percent of the target, as it won orders worth $3.33 billion as of the end of September.
BY SARAH CHEA [chea.sarah@joongang.co.kr]
with the Korea JoongAng Daily
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