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Advantech Reports 2Q21 EPS of NT$2.31


Advantech (TWSE: 2395) today announced the following consolidated financial results for the second quarter of 2021 ending June 30:

  • Revenue
NT$14.21 billion, up 8% QoQ and flattish YoY
  • Gross profit
NT$5.217 billion, flattish QoQ and down 10% YoY
  • Operating profit
NT$3.020 billion, down 4% QoQ and down 23% YoY
  • Net income
NT$1.790 billion, down 6% QoQ and down 22% YoY
  • Earnings per share

Regarding the 2Q21 operating results in US dollar, Advantech achieved an overall revenue of US$507 million, slightly beat previous estimates. The best performing business groups in 1H21 were the Industrial-IoT Group (IIoT) and the Service-IoT Group (SIoT), which reported YoY growth of 34% and 23% respectively, while the revenues of Embedded-IoT Group (EIoT) increased 7% YoY in 1H21. However, the Applied Computing Group (ACG) saw decline by 11% YoY.

In terms of a geographic overview, most markets have reported YoY revenue growth in 1H21. The best performing market in 1H21 was China market with 37% YoY growth. Driven by the economic rebound, North America and Europe markets were reported YoY growth of 4% and 9%, respectively. Overall North Asia market (including South Korea and Japan) reported a 6% YoY revenue growth in 1H21, while Korea and Japan markets increased 21% and 8% YoY respectively, however Advantech Technologies Japan (ATJ) saw decline by 11% 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 ratio of orders to shipments (B/B ratio) reached 1.72 historical high in 2Q21, overall demand remains strong. However, due to component cost-up and spot purchases, coupled with the time gap between ASP hike and cost inflation, 2Q21 gross profit was slightly lower than previous estimates. Looking forward to 2H21, the outlook remains positive. Given the impact of material shortages, we will not only keep optimizing the procurement operations and product design adjustments, but also actively plan ahead to expand production capacity in respond to the peak order shipment in the following quarters after the supply chain is relieved.”.

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