WT Microelectronics (3036 TT) ("WT") held its online investor conference today to update the financial results of the second quarter of 2024 and provide business outlook. The financial contributions from the acquisition of Future Electronics are fully included in the second quarter of 2024. Unaudited consolidated revenue for the second quarter of 2024 was approximately NT$243.6bn (US$7.54bn), up 26% quarter-on-quarter and 107% year-on-year. Consolidated operating profit was approximately NT$4,264mn (US$131.9mn), up 63% quarter-on-quarter and 109% year-on-year. Consolidated net profit after tax attributable to owners of the parent was approximately NT$2,150mn (US$66.5mn), up 35% quarter-on-quarter and 123% year-on-year, and EPS (deducting preferred stock dividends) was approximately NT$1.7 based on the weighted average outstanding shares.
For the outlook of the third quarter of 2024, based on the exchange rate assumption of one US dollar to 32.5 NT dollars, the mid-point consolidated revenue guidance is expected to be approximately NT$255bn (US$7.85bn), up approximately 5% quarter-on-quarter and 52% year-on-year. The mid-point consolidated operating profit guidance is expected to be approximately NT$4,458mn (US$137.2mn), up approximately 5% quarter-on-quarter and 97% year-on-year. The mid-point consolidated net profit after tax attributable to owners of the parent guidance is expected to be approximately NT$2,500mn (US$76.9mn), up approximately 16% quarter-on-quarter and 95% year-on-year, and the mid-point EPS guidance is expected to be approximately NT$2.25.
The Future Electronics acquisition represents a transformational milestone, as it brings together two highly complementary business models and solidifies WT's position as a global electronics distributor with end-to-end service capabilities by leveraging the strengths and expertise of both organizations to offer even greater value to customers and suppliers. According to Gartner, a global professional research institution, market share of WT and Future on a combined basis is 12.2% in global semiconductor distribution market, ranking No.1 in 2023.