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Hanon Systems Releases Third-Quarter 2024 Results

- Q3 revenue of KRW 2.5 trillion, operating profit of KRW 93.7 billion

·    - BEV and hybrid sales increased by 2 percentage points from the previous quarter, accounting for 26% of total sales; ongoing efforts to improve profitability

SEOUL, Korea, November 11, 2024 – Hanon Systems (KS:018880), a leading global automotive thermal management supplier for electrified mobility, today announced its financial results for the third quarter of 2024. On a consolidated basis, revenue reached KRW 2.5 trillion, an increase of 8.2% year-over-year, though there was a slight decrease of 2.3% from the previous quarter.

 

The operating profit for the third quarter was KRW 93.7 billion, up 28.3% from the previous quarter, influenced by exchange rate factors, recovery fees from customers, and the launch of vehicles equipped with the fourth-generation heat pump.

 

Despite the challenges in the electric vehicle market, Hanon Systems achieved a 2 percentage point increase in electrification sales from the previous quarter, reaching 26%. The company plans to continue its efforts to improve profitability while quickly adapting to strategic shifts from its customers.

 

Nurdal Kücükkaya and Subu Nagasubramony, co-CEOs of Hanon Systems, stated, "The increase in the share of electrification sales in Q3 is the result of the company's swift response to various uncertainties. Going forward, Hanon Systems will continue to enhance its portfolio that supports all types of vehicles, including internal combustion engines, hybrids, and electric vehicles, to actively meet customers' needs and sustain growth."