Hyundai Nets Over $1b, Breaks Quarterly Profit Record Again
Building on solid financial results in the fourth quarter of last year, Hyundai has announced today that it turned a net profit of about $1.02b (as in billion) in Q1 2010. That shatters a previous record of $650m, recorded in the second quarter of last year, and eclipses last year’s $203m Q1 net profit. According to the Detroit News, Hyundai raised sales revenue by nearly 40 percent last quarter, with global gross receipts hitting $7.6b. Sales volume was up 36.6 percent, to 842,037 units. Though the Chinese and Indian markets drove growth with 48 and 34 percent volume increases respectively, the big news comes from the US, where Hyundai’s volume grew 78.3 percent and revenue gained 61.5 percent. And if Hyundai’s margins seem surprisingly attractive, consider that the dollar’s recent declines against the Korean Won bled off some of that US-market profit. Oh, and that billion-dollar profit doesn’t include results from Hyundai’s sister-firm Kia, which reports Q1 financials tomorrow. Get down with your bad self, Hyundai!
More by Edward Niedermeyer
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Man, I wish I could invest in this company. I've been saying for several years that Hyundai is going to climb it's way among the big 5.
GM & C have to be speechless. H/K has the best warranty, high quality, attractive pricing, great advertising, and many good-looking vehicles. And not a pickup truck or a hybrid among them.
Woot. Time to celebrate. Get a license to sell the Spirra over here: http://www.youtube.com/watch?v=wL5vcwX3ykU
Ed, et al, Maybe it's time to include the Hyundai ticker in the Yahoo finance box? They certainly are a force in the American automobile industry.