Advantech Reports 1Q21 EPS of NT$2.48
Advantech (TWSE: 2395) today announced the following consolidated financial results for the first quarter of 2021 ending March 31:
- Revenue NT$13.161 billion, up 16.8% YoY
- Gross profit NT$5.209 billion, up 18.5% YoY
- Operating profit NT$2.287 billion, up 38.4% YoY
- Net income NT$1.913 billion, up 47.7% YoY
- Earnings per share NT$2.48, up 47.6% YoY
Regarding the 1Q21 operating results in US dollar, Advantech achieved an overall revenue of US$464 million with 24% YoY growth, slightly beat company’s estimates. The best performing business groups in 1Q21 were the Industrial-IoT Group (IIoT) and the Cloud-IoT Group (CIoT), which reported YoY growth of 53% and 37%, respectively. The revenues of Service-IoT Group (SIoT) and Embedded-IoT Group (EIoT) increased 18% and 7% YoY respectively in 1Q21, while the Applied Computing Group (ACG) saw declines 11% YoY.
In terms of a geographic overview, most markets have reported YoY revenue growth in 1Q21. The best performing markets in 1Q21 were Greater China and Emerging market, which reported YoY growth by 76% and 36%, respectively. Overall North Asia market (including South Korea and Japan) reported a 13% YoY revenue growth in 1Q21, while Korea and Japan markets increased 40% and 17% YoY respectively, while Advantech Technologies Japan (ATJ) saw decline by 12% YoY.
Mr. Eric Chen, CFO and President of General Management at Advantech, stated that, “Driven by the economic rebound and infrastructure construction in major markets, the Company performed well in 1Q21. Looking forward, thanks to infrastructure business opportunities and the trend of IEM semiconductor smart equipment upgrades, demand remains strong. However, the prolonged material lead time and insufficient rationing will further affect the 2Q21 performance. Therefore, we actively respond beforehand and strive to increase the order fulfillment rate to minimize the impact of supply chain issue.”.