First Pacific Full Year 2024 Earnings: Revenues Beat Expectations, EPS Lags

First Pacific (HKG:142) Full Year 2024 Results

Key Financial Results

• Revenue: US$10.1b (down 4.3% from FY 2023).
• Net income: US$600.3m (up 20% from FY 2023).
• Profit margin: 6.0% (up from 4.8% in FY 2023). The increase in margin was driven by lower expenses.
• EPS: US$0.14 (up from US$0.12 in FY 2023).

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All figures shown in the chart above are for the trailing 12 month (TTM) period

First Pacific Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 1.1%.

The primary driver behind last 12 months revenue was the Consumer Food Products segment contributing a total revenue of US$7.29b (72% of total revenue). Notably, cost of sales worth US$6.40b amounted to 64% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$1.63b were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how 142's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Food industry in Hong Kong.

Performance of the Hong Kong Food industry.

The company's shares are up 14% from a week ago.

Risk Analysis

You still need to take note of risks, for example - First Pacific has 2 warning signs (and 1 which can't be ignored) we think you should know about.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.