Welcome to our dedicated page for Asia Pacific Wire & Cable news (Ticker: APWC), a resource for investors and traders seeking the latest updates and insights on Asia Pacific Wire & Cable stock.
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) is a prominent manufacturer and distributor of telecommunications, power cable, and enameled and electronic wire products. Headquartered in Bermuda, with principal executive offices in Taiwan, APWC operates through its subsidiaries in key markets including Singapore, Thailand, Australia, and the People's Republic of China.
The company offers a comprehensive range of telecommunications cable products such as copper-based and fiber optic cables designed for efficient telephone and data transmissions. In addition, APWC manufactures armored and unarmored low voltage power transmission cables for commercial and residential electricity transmission, as well as outdoor applications like street lights and traffic signals.
APWC's enameled wire products are integral in the assembly of various electrical products including transformers, motors, and household appliances. The company also provides project engineering services, facilitating the supply, delivery, and installation of power cables, ensuring a seamless experience for its customers.
Recent financial results for APWC show varied performance across its geographical segments. For the nine months ended September 30, 2023, revenues stood at $294.2 million, a 5.3% decrease from the same period in 2022. This decline was largely due to revenue drops in the Thailand and North Asia regions, attributed to factors like the global economic slowdown and the Sino-American trade war. Conversely, the Rest of World (ROW) region saw a 13.2% revenue increase, driven by robust demand in Australia's construction sector and public sector projects in Singapore.
APWC's financial condition remains robust with $38.5 million in cash and cash equivalents as of September 30, 2023. However, the company recorded a net cash outflow from operating activities amounting to $14.0 million during the first nine months of 2023, primarily due to decreased sales and higher investment in property, plant, and equipment.
In terms of partnerships and customers, APWC serves appliance component manufacturers, electrical contracting firms, state-owned entities, and wire and cable dealers. The company also distributes products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., as well as other third parties.
APWC continues to navigate through economic challenges while focusing on maintaining a strong market presence across the Asia-Pacific region. Stakeholders are encouraged to visit the company's website for the latest updates and detailed financial reports.
Asia Pacific Wire & Cable (NASDAQ: APWC) announced its financial results for the nine months ended September 30, 2024. The company reported revenues of $336.6 million, a 14.4% increase from the same period in 2023. This growth was driven by higher sales in Thailand, North Asia, and the Rest of World regions. However, net income decreased by 19.5% to $0.9 million, and EPS fell by 20% to $0.04.
Operating profit surged by 3970% to $4.5 million, with an operating margin of 1.33%. The Thailand region saw a significant improvement in operating profit margin from (3.78)% to 2.85%. Conversely, North Asia's operating profit margin declined due to increased R&D expenses and reversed provisions for employee benefits.
SG&A expenses rose to $19.0 million. The company reported $34.4 million in cash and cash equivalents, with a working capital of $171.2 million. Short-term bank loans decreased to $44.9 million, while long-term debt increased to $6.1 million. Cash provided by operating activities was $2.9 million.
Asia Pacific Wire & Cable (APWC) has announced the appointment of James Lu as acting Chief Financial Officer (CFO), following the resignation of Ivan Hsia. Lu, who has been with APWC for 16 years, previously served as Deputy CFO and held senior roles in Corporate Planning and Strategic Sales. He brings experience in implementing SAP Business Planning systems and has prior experience as Senior Manager of Overseas Business and as an auditor. Hsia will remain with the company through November 25, 2024.
Asia Pacific Wire & Cable (NASDAQ: APWC) reported its financial results for the six months ended June 30, 2024. Revenues increased by 10.8% to $214.3 million, up from $193.5 million in the same period of 2023. The company saw revenue growth across its Thailand, North Asia, and Rest of World regions. Operating profit improved significantly, reaching $1.2 million compared to a loss of $2.8 million in the previous year. However, net income turned negative at $-0.5 million, down from $0.02 million in 2023. The company's cash position decreased to $33.7 million as of June 30, 2024, compared to $39.0 million a year earlier. APWC reported cash used in operating activities of $10.8 million, primarily due to slower accounts receivable collection.
Asia Pacific Wire & Cable (NASDAQ: APWC) will host its 2024 Annual General Meeting on July 15, 2024, at 9:00 am CDT or 10:00 am EDT in Plano, Texas. The meeting aims to approve the written record of the previous AGM, set the number of directorships between two and seven, elect up to seven directors, approve director compensation, present audited financial statements for the fiscal year ending December 31, 2023, and appoint PricewaterhouseCoopers Taiwan as the independent auditor for 2024.
The record date for voting is May 31, 2024. Shareholders of record can vote in person or by proxy and may participate via conference call.
Asia Pacific Wire & Cable reported its full-year 2023 financial results and filed its annual report for 2023, revealing a revenue decrease of 1.9% to $425.8 million. The operating profit declined by 80.8% to $1.5 million, while net income remained flat at $3.9 million. The company saw revenue increases in the Rest of World region but experienced declines in the Thailand and North Asia regions. Overall, the financial performance was impacted by government spending reductions, the Sino-American trade war, and increased competition.
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) reported its financial results for the year ended December 31, 2022, with revenues of $433.9 million, a 9.0% decrease from $476.7 million in 2021. The decline was largely driven by reduced sales in Thailand and North Asia. Operating profit was $8.1 million, a turnaround from a loss of $5.0 million in 2021, with an improved operating profit margin of 1.9%. Net income rose to $3.9 million, compared to a net loss of $2.6 million the previous year. Cash and cash equivalents increased to $54.0 million, up from $44.5 million. APWC experienced challenges including a 13.1% revenue drop in Thailand and a 27.8% decrease in North Asia, impacted by geopolitical tensions and supply chain issues. The company saw better performance in its Rest of the World region with a 7.5% revenue growth.
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) reported financial results for the nine months ending September 30, 2022. Revenues decreased by 6.0% to $310.7 million, primarily due to declines in Thailand and North Asia regions. Operating profit fell 41.5% to $3.8 million, with a margin decrease to 1.23%. Net income improved to $0.6 million from a net loss of $1.4 million in 2021. The company saw cash reserves rise to $47.5 million and reported $5.7 million in cash from operating activities, a significant recovery.
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