WT Microelectronics (3036 TT) (“WT”) held its online investor conference today to update on the financial results of the first quarter of 2024 and provide business outlook. Unaudited consolidated revenue for the first quarter of 2024 was approximately NT$192.6bn (US$6.13bn), up 2% quarter-on-quarter and 60% year-on-year. Operating profit was approximately NT$2,611mn (US$83.1mn), up 36% quarter-on-quarter and 32% year-on-year. Net profit after tax attributable to owners of the parent was approximately NT$1,590mn (US$50.6mn), and EPS was approximately NT$1.57 based on the weighted average outstanding shares.
WT completed the acquisition of Future Electronics on 2nd April 2024. This acquisition represents a transformational milestone, as it brings together two highly complementary business models and solidifies WT’s position as a global electronics distributor with end-to-end service capabilities by leveraging the strengths and expertise of both organizations to offer even greater value to customers and suppliers
For the outlook of the second quarter of 2024, based on the exchange rate assumption of one US dollar to 32.3 NT dollars, the mid-point consolidated revenue guidance is expected to be approximately NT$243bn (US$7.52bn), up approximately 107% year-on-year. The mid-point operating profit guidance is expected to be approximately NT$4,263mn (US$132mn), up approximately 109% year-on-year, the mid-point net profit after tax attributable to owners of the parent guidance is expected to be approximately NT$2,025mn (US$62.7mn), up approximately 191% year-on-year, and the mid-point EPS guidance (deducting preferred stock dividends) is expected to be approximately NT$1.59.