Asia Pacific Wire & Cable Corporation Limited Reports Third Quarter 2024 Financial Results
Asia Pacific Wire & Cable (NASDAQ: APWC) announced its financial results for the nine months ended September 30, 2024. The company reported revenues of $336.6 million, a 14.4% increase from the same period in 2023. This growth was driven by higher sales in Thailand, North Asia, and the Rest of World regions. However, net income decreased by 19.5% to $0.9 million, and EPS fell by 20% to $0.04.
Operating profit surged by 3970% to $4.5 million, with an operating margin of 1.33%. The Thailand region saw a significant improvement in operating profit margin from (3.78)% to 2.85%. Conversely, North Asia's operating profit margin declined due to increased R&D expenses and reversed provisions for employee benefits.
SG&A expenses rose to $19.0 million. The company reported $34.4 million in cash and cash equivalents, with a working capital of $171.2 million. Short-term bank loans decreased to $44.9 million, while long-term debt increased to $6.1 million. Cash provided by operating activities was $2.9 million.
Asia Pacific Wire & Cable (NASDAQ: APWC) ha annunciato i suoi risultati finanziari per i nove mesi conclusi il 30 settembre 2024. L'azienda ha registrato entrate di 336,6 milioni di dollari, con un aumento del 14,4% rispetto allo stesso periodo del 2023. Questa crescita 猫 stata trainata da vendite pi霉 elevate in Thailandia, Nord Asia e nelle altre regioni del mondo. Tuttavia, il reddito netto 猫 diminuito del 19,5% arrivando a 0,9 milioni di dollari, e l'EPS 猫 sceso del 20% a 0,04 dollari.
Il profitto operativo 猫 aumentato del 3970% a 4,5 milioni di dollari, con un margine operativo dell'1,33%. La regione Thailandia ha visto un miglioramento significativo nel margine di profitto operativo, passando da (3,78)% a 2,85%. Al contrario, il margine di profitto operativo della Nord Asia 猫 diminuito a causa dell'aumento delle spese di R&D e delle riserve per i benefici dei dipendenti riviste.
Le spese SG&A sono aumentate a 19,0 milioni di dollari. L'azienda ha riportato 34,4 milioni di dollari in contante e equivalenti in contante, con un capitale circolante di 171,2 milioni di dollari. I prestiti bancari a breve termine sono diminuiti a 44,9 milioni di dollari, mentre il debito a lungo termine 猫 aumentato a 6,1 milioni di dollari. I flussi di cassa provenienti dalle attivit脿 operative sono stati di 2,9 milioni di dollari.
Asia Pacific Wire & Cable (NASDAQ: APWC) anunci贸 sus resultados financieros para los nueve meses que terminaron el 30 de septiembre de 2024. La compa帽铆a report贸 ingresos de $336.6 millones, un aumento del 14.4% en comparaci贸n con el mismo per铆odo en 2023. Este crecimiento fue impulsado por mayores ventas en Tailandia, Asia del Norte y el resto del mundo. Sin embargo, el ingreso neto disminuy贸 un 19.5% hasta $0.9 millones, y el EPS cay贸 un 20% a $0.04.
El beneficio operativo se dispar贸 un 3970% hasta $4.5 millones, con un margen operativo del 1.33%. La regi贸n de Tailandia vio una mejora significativa en el margen de beneficio operativo, pasando de (3.78)% a 2.85%. En cambio, el margen de beneficio operativo de Asia del Norte disminuy贸 debido al aumento de los gastos de I+D y las provisiones revertidas para beneficios de empleados.
Los gastos SG&A aumentaron a $19.0 millones. La compa帽铆a report贸 $34.4 millones en efectivo y equivalentes de efectivo, con un capital de trabajo de $171.2 millones. Los pr茅stamos bancarios a corto plazo disminuyeron a $44.9 millones, mientras que la deuda a largo plazo aument贸 a $6.1 millones. El efectivo proporcionado por las actividades operativas fue de $2.9 millones.
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Asia Pacific Wire & Cable (NASDAQ: APWC) a annonc茅 ses r茅sultats financiers pour les neuf mois se terminant le 30 septembre 2024. L'entreprise a enregistr茅 des revenus de 336,6 millions de dollars, soit une augmentation de 14,4 % par rapport 脿 la m锚me p茅riode en 2023. Cette croissance a 茅t茅 soutenue par des ventes plus 茅lev茅es en Tha茂lande, en Asie du Nord et dans le reste du monde. Cependant, le revenu net a diminu茅 de 19,5 % pour atteindre 0,9 million de dollars, et le BPA a chut茅 de 20 % 脿 0,04 dollar.
Le b茅n茅fice d'exploitation a explos茅 de 3970 % 脿 4,5 millions de dollars, avec une marge d'exploitation de 1,33 %. La r茅gion de Tha茂lande a connu une am茅lioration significative de la marge de b茅n茅fice d'exploitation, passant de (3,78)% 脿 2,85%. En revanche, la marge de b茅n茅fice d'exploitation de l'Asie du Nord a diminu茅 en raison de l'augmentation des d茅penses de R&D et des provisions renvers茅es pour les avantages des employ茅s.
Les d茅penses SG&A ont augment茅 脿 19,0 millions de dollars. L'entreprise a rapport茅 34,4 millions de dollars en liquidit茅s et 茅quivalents de liquidit茅s, avec un fonds de roulement de 171,2 millions de dollars. Les pr锚ts bancaires 脿 court terme ont diminu茅 脿 44,9 millions de dollars, tandis que la dette 脿 long terme a augment茅 脿 6,1 millions de dollars. Les liquidit茅s g茅n茅r茅es par les activit茅s op茅rationnelles s'茅levaient 脿 2,9 millions de dollars.
Asia Pacific Wire & Cable (NASDAQ: APWC) gab ihre Finanzergebnisse f眉r die neun Monate zum 30. September 2024 bekannt. Das Unternehmen berichtete von Ums盲tzen in H枚he von 336,6 Millionen Dollar, was einem Anstieg von 14,4 % im Vergleich zum gleichen Zeitraum 2023 entspricht. Dieses Wachstum wurde durch h枚here Verkaufszahlen in Thailand, Nordostasien und anderen Weltregionen angetrieben. Allerdings ging das Nettoeinkommen um 19,5 % zur眉ck auf 0,9 Millionen Dollar, und EPS fiel um 20 % auf 0,04 Dollar.
Der operative Gewinn stieg um 3970 % auf 4,5 Millionen Dollar, bei einer operativen Marge von 1,33 %. In der Region Thailand verbesserte sich die operative Gewinnmarge erheblich von (3,78) % auf 2,85 %. Im Gegensatz dazu sank die operative Gewinnmarge in Nordostasien aufgrund steigender F&E-Ausgaben und umgekehrter R眉ckstellungen f眉r Mitarbeiterleistungen.
Die SG&A-Ausgaben stiegen auf 19,0 Millionen Dollar. Das Unternehmen berichtete von 34,4 Millionen Dollar in bar und liquiden Mitteln, mit einem Working Capital von 171,2 Millionen Dollar. Kurzfristige Bankkredite sanken auf 44,9 Millionen Dollar, w盲hrend die langfristigen Schulden auf 6,1 Millionen Dollar stiegen. Der Cashflow aus betrieblicher T盲tigkeit belief sich auf 2,9 Millionen Dollar.
- Revenues increased by 14.4% to $336.6 million.
- Operating profit surged by 3970% to $4.5 million.
- Operating profit margin improved to 1.33%.
- Cash provided by operating activities was $2.9 million.
- Net income decreased by 19.5% to $0.9 million.
- EPS fell by 20% to $0.04.
- Operating profit margin in the North Asia region decreased to (1.62)%.
- SG&A expenses increased to $19.0 million.
- Long-term debt increased to $6.1 million.
Insights
The Q3 2024 results present a mixed financial picture. While revenues increased by
The market dynamics reveal important trends in APWC's core segments. Thailand's market shows signs of cooling, particularly in low and medium-voltage cables, indicating a potential broader slowdown in infrastructure spending. The North Asia region's expansion into rectangular wire and drone motor components represents strategic diversification into higher-growth segments. Singapore's increased power cable demand has driven ROW growth, but the increased allowance for onerous contracts suggests pricing pressures. The
TAIPEI, Taiwan, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's financial results for the nine months ended September 30, 2024. Unless otherwise indicated, all data are reported in U.S. Dollars at the exchange rate prevailing on the date of the event or result reported.
| First Nine Months 2024 Financial Results听(Ended September 30, 2024), and 2023 comparative results | |||||
| 听 | |||||
| 听 | First 9 Months 2024 | First 9 Months 2023 | CHANGE | ||
| Revenues | $ | 336.6 million | $ | 294.2 million | |
| Operating Profit | $ | 4.5 million | $ | 0.1 million | |
| Net Income | $ | 0.9 million | $ | 1.1 million | (19.5)% |
| EPS1 | $ | 0.04 | $ | 0.05 | (20.0)% |
| 听 | |||||
Revenues for the nine months ended September 30, 2024 were
Operating profit for the nine months ended September 30, 2024 was
Selling, general and administrative expenses for the nine months ended September 30, 2024 were
Financial Condition
APWC reported
Current assets totaled
APWC reported cash provided by operating activities of
We encourage shareholders to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.
About Asia Pacific Wire & Cable Corporation Limited
Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries. Through its subsidiaries, the Company is principally engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People鈥檚 Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company鈥檚 major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.
Safe Harbor Statement
This release contains certain 鈥渇orward-looking statements鈥� relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as 鈥渂elieves鈥�, 鈥渁nticipates鈥�, 鈥渆xpects鈥�, 鈥渆stimates鈥�, 鈥渋ntends鈥�, 鈥減lans鈥� or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company鈥檚 actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company鈥檚 reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
| Contact: Investor Relations Contact: Pacific Holdings Group Attn: Paul Weber 2901 Dallas Parkway, Suite 360 Plano, TX 75093 Phone: (469) 797-7191 Email: [email protected] | 听 |
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||||
| CONSOLIDATED INCOME STATEMENTS | |||||||
| (Non-Audited) | |||||||
| (Amounts in thousands of US Dollars, except share data) | |||||||
| 听 | 听 | 听 | 听 | ||||
| 听 | For the nine months | ||||||
| 听 | ended September 30, | ||||||
| 听 | 听 | 2024 | 听 | 听 | 听 | 2023 | 听 |
| 听 | US$'000 | 听 | US$'000 | ||||
| Revenue | 听 | 336,563 | 听 | 听 | 听 | 294,210 | 听 |
| Cost of sales | 听 | (313,828 | ) | 听 | 听 | (276,619 | ) |
| Gross profit | 听 | 22,735 | 听 | 听 | 听 | 17,591 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Other operating income | 听 | 1,167 | 听 | 听 | 听 | 390 | 听 |
| Selling, general and administrative expenses | 听 | (19,045 | ) | 听 | 听 | (17,854 | ) |
| Other operating expenses | 听 | 鈥� | 听 | 听 | 听 | (17 | ) |
| Net impairment loss on financial and contract assets | 听 | (380 | ) | 听 | 听 | 鈥� | 听 |
| Operating profit | 听 | 4,477 | 听 | 听 | 听 | 110 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Finance costs | 听 | (1,828 | ) | 听 | 听 | (1,814 | ) |
| Finance income | 听 | 163 | 听 | 听 | 听 | 137 | 听 |
| Share of loss of associates | 听 | (2 | ) | 听 | 听 | (1 | ) |
| Exchange gain/(loss) | 听 | 864 | 听 | 听 | 听 | (852 | ) |
| Other income | 听 | 426 | 听 | 听 | 听 | 976 | 听 |
| Other expense | 听 | (275 | ) | 听 | 听 | 鈥� | 听 |
| Profit/(loss) before tax | 听 | 3,825 | 听 | 听 | 听 | (1,444 | ) |
| Income tax (expense)/benefit | 听 | (1,353 | ) | 听 | 听 | 640 | 听 |
| Profit/(loss) for the period | 听 | 2,472 | 听 | 听 | 听 | (804 | ) |
| 听 | 听 | 听 | 听 | ||||
| Attributable to: | 听 | 听 | 听 | ||||
| Equity holders of the parent | 听 | 898 | 听 | 听 | 听 | 1,116 | 听 |
| Non-controlling interests | 听 | 1,574 | 听 | 听 | 听 | (1,920 | ) |
| 听 | 听 | 2,472 | 听 | 听 | 听 | (804 | ) |
| 听 | 听 | 听 | 听 | ||||
| Basic and diluted profit per share | $ | 0.04 | 听 | 听 | $ | 0.05 | 听 |
| Basic and diluted weighted average common shares outstanding | 听 | 20,616,227 | 听 | 听 | 听 | 20,616,227 | 听 |
| 听 | |||||||
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||
| (Non-Audited) | |||||
| (Amounts in thousands of US Dollars, except share data) | |||||
| 听 | 听 | 听 | 听 | ||
| 听 | For the nine months | ||||
| 听 | ended September 30, | ||||
| 听 | 2024 | 听 | 2023 | ||
| 听 | US$'000 | 听 | US$'000 | ||
| Profit/(loss) for the period | 2,472 | 听 | 听 | (804 | ) |
| Other comprehensive income/(loss) | 听 | 听 | 听 | ||
| Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods: | 听 | 听 | 听 | ||
| Exchange differences on translation of foreign operations, net of tax of nil | 8,973 | 听 | 听 | (11,141 | ) |
| 听 | 8,973 | 听 | 听 | (11,141 | ) |
| Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods: | 听 | 听 | 听 | ||
| Changes in the fair value of equity instruments measured at FVOCI | 390 | 听 | 听 | 446 | 听 |
| Income tax effect | (78 | ) | 听 | (89 | ) |
| 听 | 312 | 听 | 听 | 357 | 听 |
| Re-measuring losses on defined benefit plans | (37 | ) | 听 | 152 | 听 |
| Income tax effect | 7 | 听 | 听 | (30 | ) |
| 听 | (30 | ) | 听 | 122 | 听 |
| 听 | 听 | 听 | 听 | ||
| Other comprehensive income/(loss) for the year, net of tax | 9,255 | 听 | 听 | (10,662 | ) |
| Total comprehensive income/( loss) for the period, net of tax | 11,727 | 听 | 听 | (11,466 | ) |
| Attributable to: | 听 | 听 | 听 | ||
| Equity holders of the parent | 6,648 | 听 | 听 | (6,542 | ) |
| Non-controlling interests | 5,079 | 听 | 听 | (4,924 | ) |
| 听 | 11,727 | 听 | 听 | (11,466 | ) |
| 听 | |||||
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands of US Dollars) | |||||
| 听 | 听 | 听 | 听 | ||
| 听 | As of September 30, 2024 | 听 | As of December 31, 2023 | ||
| 听 | (Non-audited) | 听 | (Audited) | ||
| 听 | US$'000 | 听 | US$'000 | ||
| Assets | 听 | 听 | 听 | 听 | 听 |
| Current assets | 听 | 听 | 听 | 听 | 听 |
| Cash and cash equivalents | 34,403 | 听 | 听 | 37,970 | 听 |
| Financial assets at fair value through profit or loss | 鈥� | 听 | 听 | 307 | 听 |
| Trade receivables | 107,642 | 听 | 听 | 104,955 | 听 |
| Other receivables | 1,303 | 听 | 听 | 1,670 | 听 |
| Contract assets | 3,721 | 听 | 听 | 13,946 | 听 |
| Due from related parties | 2,164 | 听 | 听 | 1,368 | 听 |
| Inventories | 130,032 | 听 | 听 | 128,230 | 听 |
| Prepayments | 5,236 | 听 | 听 | 2,595 | 听 |
| Other current assets | 3,371 | 听 | 听 | 3,909 | 听 |
| 听 | 287,872 | 听 | 听 | 294,950 | 听 |
| Non-current assets | 听 | 听 | 听 | 听 | 听 |
| Financial assets at fair value through other comprehensive income | 3,585 | 听 | 听 | 2,902 | 听 |
| Property, plant and equipment | 50,858 | 听 | 听 | 49,941 | 听 |
| Right of use assets | 2,291 | 听 | 听 | 2,825 | 听 |
| Investment properties | 5,073 | 听 | 听 | 5,112 | 听 |
| Intangible assets | 120 | 听 | 听 | 124 | 听 |
| Investments in associates | 858 | 听 | 听 | 810 | 听 |
| Deferred tax assets | 7,852 | 听 | 听 | 7,799 | 听 |
| Other non-current assets | 2,834 | 听 | 听 | 2,201 | 听 |
| 听 | 73,471 | 听 | 听 | 71,714 | 听 |
| Total assets | 361,343 | 听 | 听 | 366,664 | 听 |
| 听 | |||||
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands of US Dollars) | |||||
| 听 | 听 | 听 | 听 | ||
| 听 | As of September 30, 2024 | 听 | As of December 31, 2023 | ||
| 听 | (Non-audited) | 听 | (Audited) | ||
| 听 | US$'000 | 听 | US$'000 | ||
| Liabilities | 听 | 听 | 听 | ||
| Current liabilities | 听 | 听 | 听 | ||
| Interest-bearing loans and borrowings | 44,926 | 听 | 听 | 53,737 | 听 |
| Trade and other payables | 47,421 | 听 | 听 | 51,743 | 听 |
| Due to related parties | 6,972 | 听 | 听 | 7,941 | 听 |
| Financial liabilities at fair value through profit or loss | 69 | 听 | 听 | 74 | 听 |
| Accruals | 9,206 | 听 | 听 | 15,250 | 听 |
| Current tax liabilities | 1,348 | 听 | 听 | 2,116 | 听 |
| Employee benefit liabilities | 1,778 | 听 | 听 | 1,839 | 听 |
| Financial lease liabilities | 420 | 听 | 听 | 638 | 听 |
| Other current liabilities | 4,503 | 听 | 听 | 7,235 | 听 |
| 听 | 116,643 | 听 | 听 | 140,573 | 听 |
| 听 | 听 | 听 | 听 | ||
| Non-current liabilities | 听 | 听 | 听 | ||
| Interest-bearing loans and borrowings | 6,112 | 听 | 听 | 鈥� | 听 |
| Employee benefit liabilities | 6,883 | 听 | 听 | 5,997 | 听 |
| Lease liabilities | 1,123 | 听 | 听 | 1,445 | 听 |
| Non-current liabilities | 222 | 听 | 听 | 188 | 听 |
| 听 | 18,354 | 听 | 听 | 11,470 | 听 |
| Total liabilities | 134,997 | 听 | 听 | 152,043 | 听 |
| 听 | 听 | 听 | 听 | ||
| Equity | 听 | 听 | 听 | ||
| Issued capital | 206 | 听 | 听 | 206 | 听 |
| Additional paid-in capital | 118,103 | 听 | 听 | 118,103 | 听 |
| Treasury shares | (38 | ) | 听 | (38 | ) |
| Retained earnings | 58,829 | 听 | 听 | 57,931 | 听 |
| Other components of equity | (13,393 | ) | 听 | (19,143 | ) |
| Equity attributable to equity holders of the parent | 163,707 | 听 | 听 | 157,059 | 听 |
| Non-controlling interests | 62,639 | 听 | 听 | 57,562 | 听 |
| Total equity | 226,346 | 听 | 听 | 214,621 | 听 |
| Total liabilities and equity | 361,343 | 听 | 听 | 366,664 | 听 |
| 听 | |||||
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
| (Non-Audited) | |||||
| (In thousands of US Dollars) | |||||
| 听 | 听 | 听 | 听 | ||
| 听 | For the nine months | ||||
| 听 | ended September 30, | ||||
| 听 | 2024 | 听 | 2023 | ||
| 听 | US$'000 | 听 | US$'000 | ||
| Net cash provided by/(used in) operating activities | 2,851 | 听 | 听 | (13,982 | ) |
| Net cash used in investing activities | (2,208 | ) | 听 | (3,575 | ) |
| Net cash (used in)/provided by financing activities | (5,419 | ) | 听 | 5,097 | 听 |
| Effect of exchange rate | 1,207 | 听 | 听 | (3,034 | ) |
| Net (decrease) increase in cash and cash equivalents | (3,567 | ) | 听 | (15,494 | ) |
| Cash and cash equivalents at beginning of period | 37,970 | 听 | 听 | 54,017 | 听 |
| Cash and cash equivalents at end of period | 34,403 | 听 | 听 | 38,523 | 听 |
| 听 | |||||
1 The calculation of the earnings per share is based on 20,616,227 and 20,616,227 basic and diluted weighted average common shares issued and outstanding for the nine months ended September 30, 2024 and 2023, respectively. The numerator uses the profit or loss attributable to the ordinary equity holders of the parent.
FAQ
What were APWC's revenues for the first nine months of 2024?
How did APWC's net income change in the first nine months of 2024?
What was APWC's EPS for the first nine months of 2024?
How did APWC's operating profit change in the first nine months of 2024?
What were APWC's cash and cash equivalents as of September 30, 2024?
