Advantech Reports 3Q22 EPS of NT$4.1
Advantech (TWSE: 2395) today announced the following consolidated financial results for the third quarter of 2022 ending September 30:
- Revenue NT$18.61 billion, up 20% YoY and up 11% QoQ
- Gross profit NT$6.780 billion, up 19% YoY and up 4% QoQ
- Operating profit NT$3.378 billion, up 30% YoY and up 9% QoQ
- Net income NT$3.184 billion, up 40% YoY and up 30% QoQ
- Earnings per share NT$4.1
Regarding the accumulated YT3Q 2022 operating results in US dollars, Advantech achieved an overall revenue of US$1.769 billion, up 16% YoY, also beat company guidance. By business unit, Applied Computing Group (ACG), Industrial Could & Video Group (ICVG) and Service-IoT Group (SIoT) enjoyed strong YoY growth at 56%, 25% and 30%, respectively. In terms of a geographic overview, North America, Europe and Emerging market were the best performers with YoY growth at 34%, 23% and 23%, respectively. While Industrial-IoT Group (IIoT) were flattish compared to the same period last year due to channel partners inventory adjustment in China market.
Mr. Eric Chen, CFO and President of General Management at Advantech stated, “With business activities in North America and Europe were gradually back to normal, end demand for Smart Medical, Communication, Gaming and other projects remained strong. Smart Manufacturing and IEM Equipment in North Asia and Taiwan also accelerated due to customers expansion. The order fulfillment rate steady increased due to component shortage moderated and the maritime logistics improved, overall operation in the third quarter hit a new record. However, the Chinese market showed slow down due to COVID control and channel partners inventory adjustment. YT3Q22 order/shipment ratio (B/B Ratio) was 1.07, approaching to the historical level around 1.08.
Through the challenges of global inflation and economic recession still exist, benefit from global trend of net-zero and energy transition, end demands for iFactory, iEMS, iCity and infrastructure upgrade are solid and strong. Advantech are well positioned for the new opportunity in both product offerings and on-site technical network. Furthermore, internal reaction plans have been launched to improve order mastery and accelerate inventory destocking to minimize operational uncertainty.”.