Formosa Petrochemical Second Quarter 2024 Earnings: Misses Expectations

Formosa Petrochemical (TWSE:6505) Second Quarter 2024 Results

Key Financial Results

• Revenue: NT$170.6b (up 7.0% from 2Q 2023).
• Net income: NT$2.73b (up from NT$1.16b loss in 2Q 2023).
• Profit margin: 1.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue.
• EPS: NT$0.34 (up from NT$0.12 loss in 2Q 2023).

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

Formosa Petrochemical Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 53%.

Looking ahead, revenue is forecast to stay flat during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in Asia.

Performance of the market in Taiwan.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

You still need to take note of risks, for example - Formosa Petrochemical has 1 warning sign we think you should be aware of.

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