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Hyundai Motor's Q3 net profit misses estimates, chip shortage takes a toll

The profit was just shy of an average analyst forecast of 1.4 trillion won compiled by Refinitiv SmartEstimate

Hyundai Motor Co | Q3 results | Global Chip Shortage


South Korea's slightly missed analysts' profit estimates as the global chip crisis drove down vehicle shipments and it said it expects it will take a long time to get back to normal chip supplies.

Hyundai, which together with affiliate Kia Corp is among the world's top 10 automakers by sales, reported a net profit of 1.3 trillion won ($1.10 billion) for the July-September quarter.

In the same period a year earlier it posted a loss of 336 billion won when it was hit by a one-time expense related to engine quality issues and recalls.

The profit was just shy of an average analyst forecast of 1.4 trillion won compiled by Refinitiv SmartEstimate.

"Hyundai Motor expects that on-year sales growth might slow down for the rest of 2021 amid adverse business conditions caused by the unstable supply of semiconductor chips," Hyundai Motor said.

GE Earnings Exceed Estimates as Aviation Gains Buoy Turnaround (Bloomberg)

General Electric Co’s jet-engine division continued to rebound from pandemic-induced lows, helping the conglomerate to post a profit that topped Wall Street expectations in spite of supply chain turmoil. Adjusted earnings jumped to 57 cents a share in the third quarter. Sales slipped 0.5 per cent to $18.4 billion, while Wall Street anticipated $19.3 billion. But industrial free cash flow was $1.7 billion, well higher than the roughly $1 billion expected by analysts.

UBS joins Wall Street rivals with 9% surge in third-quarter profit (Reuters)

UBS posted a 9 per cent rise in third-quarter net profit, as conti­n­ued trading helped the world's largest wealth manager to its best quarterly profit since 2015. Its Q3 profit of $2.279 billion easily surpassed a median estimate of $1.596 billion. "Our business momentum, our focus on fuelling growth, on discipl­ined execution and on delivering our full ecosys­tem to clients - all of this led to another strong quarter across all of our business divisions and regions," CEO Ralph Hamers said

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, October 27 2021. 02:06 IST