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Investing.com -- HD Hyundai Electric reported third-quarter operating profit of 247 billion won, surpassing consensus estimates by 11% and marking a 51% increase from the same period last year.
The company’s revenue reached 995 billion won for the quarter, aligning with market expectations, while its operating profit margin expanded to 24.8%, exceeding consensus by 220 basis points.
North American operations drove the strong performance, with backlog orders increasing 84% quarter-on-quarter and 192% year-on-year, bolstered by a 765kV contract win and a diversified product mix.
European operations also showed significant growth, with quarterly orders reaching $164 million in the third quarter, representing increases of 149% quarter-on-quarter and 169% year-on-year, primarily fueled by renewable energy projects.
Management expects order momentum to continue in both the U.S. and European markets during the fourth quarter, with modest sequential revenue growth anticipated.
The company noted that most of its long-term contracts extending to around 2030 include escalation clauses for key materials, labor, or cost increases beyond certain thresholds, suggesting potential for further average selling price improvements.
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