Hyundai Mobis beats consensus with $630 million in Q1 net profit

Industry

Published: 26 Apr. 2023, 13:52 Updated: 26 Apr. 2023, 15:42

Hyundai Mobis beats consensus with $630 million in Q1 net profit

An Ioniq 5 with Hyundai Mobis' e-Corner system makes a zero-radius turn with 90-degree rotating wheels [HYUNDAI MOBIS]

Hyundai Mobis posted a consensus-beating 841.8 billion won ($630 million) in net profit in the first quarter helped by surging parts orders of electric vehicles.

On year, net was up by 61.6 percent, far beating the market expectation of 685.3 billion won compiled by market tracker FnGuide.

Quarterly operating profit rose 8.1 percent on year to 418.1 billion won, but fell slightly short of the consensus of 556.4 billion won.

Revenue stood at 14.7 trillion won during the first three months of the year, up 29.7 percent, overshooting the analyst expectations.

"Profit rose contributed by robust sales of auto parts for eco-friendly vehicles, as well as high-margin cars like medium- and large-sized SUVs," Hyundai Mobis explained in a statement.

More specifically, the company’s auto component sales for eco-friendly vehicles surged 76.4 percent to 3.3 trillion won. The core auto parts orders from global automakers rose 21.1 percent on year to 2.5 trillion won in the first quarter.

Sales of modules increased 24 percent to 6.2 trillion won.

Hyundai Mobis aims to reach $5.36 billion in exports this year.

Hyundai Mobis shares plunged 6.5 percent to close at 220,000 won Wednesday.

BY SARAH CHEA [chea.sarah@joongang.co.kr]