Formosa Petrochemical Third Quarter 2024 Earnings: Misses Expectations

Formosa Petrochemical (TWSE:6505) Third Quarter 2024 Results

Key Financial Results

• Revenue: NT$173.2b (down 10% from 3Q 2023).
• Net loss: NT$3.08b (down by 118% from NT$17.2b profit in 3Q 2023).
• NT$0.42 loss per share (down from NT$1.80 profit in 3Q 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 10%. Earnings per share (EPS) was also behind analyst expectations.

Looking ahead, revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat.

Performance of the market in Taiwan.

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

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for Formosa Petrochemical (1 is potentially serious!) that you need to be mindful of.

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