Hyundai shares rose the most in two weeks after the company’s first-quarter operating income beat analyst expectations, jumping 16% from a year earlier as a weaker Korean won offset supply-chain snags. Operating profit in the three months through March was 1.93-trillion won , compared with the 1.66-trillion won median estimate from analysts tracked by Bloomberg. Net income rose 17% to 1.78-trillion won, topping the 1.39-trillion won estimate.
The won weakened 1.9% against the dollar in the first quarter, making exports cheaper. Hyundai sells the majority of its vehicles overseas. The company has set up a team to monitor and respond to the prices of commodities, potentially buying them directly, Vice-President Zayong Koo said during an earnings call. Demand for vehicles is growing as the semiconductor shortage persists, he said. Hyundai has suspended operations in Russia, citing logistical issues with the delivery of components.
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Hyundai shares skyrocket as quarterly earnings top expectationsThe automaker's operating profit in the three months through March 2022 came in at 1.93 trillion won, while net income rose to 1.78 trillion won
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