Hyundai Mobis Q2 profit beats consensus, sales hit new high

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Hyundai Mobis Q2 profit beats consensus, sales hit new high

Published: 27 Jul. 2023, 17:39

Hyundai Mobis President Cho Sung-hwan speaks about the company's vision during the CES 2023 in Las Vegas. [HYUNDAI MOBIS]

Hyundai Mobis reported a better-than-expected 663.8 billion won ($521 million) operating profit in the second quarter, with quarterly sales posting a record high.

The Korean auto parts maker logged 663.8 billion won in the second quarter, a 65 percent jump from a year earlier. It beat the market consensus of 646 billion won compiled by market tracker FnGuide.

Sales were up 27 percent to 15.7 trillion won, a record high.

Net profit came in at 932 billion won for the April-to-June period, up 21 percent on year, beating the market consensus of 895 billion won.

"The quarterly results got a boost from the increased production of modules and key components amid an easing of semiconductors shortages. Demand for high-margin parts for electric vehicles and sport utility vehicles was particularly strong," Hyundai Mobis said.

Hyundai Mobis earns about 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers.

The company has received $2.71 billion worth of orders so far this year from global carmakers, except its captive buyers Hyundai Motor and Kia, achieving half of its annual order target of $5.36 billion from non-captive overseas customers.

The annual target is higher than the $4.65 billion worth of orders obtained last year.

BY SARAH CHEA, YONHAP [[email protected]]