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Hyundai rises 8.6% over better-than-expected 2019 profit, upbeat 2020 outlook

Shares of Hyundai Motor Co. rose 8.6% on Jan. 22 after the South Korean automaker reported a return to profit in the fourth quarter of 2019, a better-than-expected net income for the full year and a positive outlook for the current year.

Hyundai's reported net income for the three-month period was 851.2 billion won, compared to a loss of 203.3 billion won in the fourth quarter of 2018. It missed the S&P Global Market Intelligence consensus GAAP net income estimate of 987.41 billion won.

Revenue grew 10.5% year over year to 27.868 trillion won from 25.231 trillion won. The company attributed the growth to its improved product mix with a higher ratio of SUV sales, which offset the 2.5% decline in global sales volume to 1.20 million vehicles from 1.23 million vehicles due to sluggish demand in China and India. Revenue increased by 9% in its automotive segment, 25.1% in its finance segment and 3.7% in its other business units.

Operating income for the fourth quarter jumped 148.2% to 1.244 trillion won from 501.1 billion won in the year-ago period.

For the full year 2019, Hyundai saw its net profit jump 98.5% year over year to 3.265 trillion won from 1.645 trillion won in 2018, surpassing the S&P Global Market Intelligence consensus GAAP net income estimate of 3.156 trillion won.

Revenue for the year grew 9.3% to 105.790 trillion won from 96.813 trillion won in 2018, while operating income climbed 52.1% to 3.685 trillion won from 2.422 trillion won.

The vehicle sales fell to 4.43 million vehicles worldwide in 2019, compared to 4.59 million vehicles in 2018.

For 2020, the carmaker expects worldwide vehicle sales to rebound to 4.58 million, including 732,000 vehicles from domestic sales and 3.84 million vehicles overseas. It also expects an operating profit margin of 5%, compared with 3.5% in 2019 and 2.5% in 2018.

Shares of Hyundai closed at 127,000 South Korean won, up 8.6%, on Jan. 22.

As of Jan. 21, US$1 was equivalent to 1,166.76 South Korean won.