Hyundai Nets Over $1b, Breaks Quarterly Profit Record Again

Edward Niedermeyer
by Edward Niedermeyer

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!

Edward Niedermeyer
Edward Niedermeyer

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  • Rick Rick on Apr 22, 2010

    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.

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    • Don1967 Don1967 on Apr 23, 2010
      Man, I wish I could invest in this company. You can. http://tinyurl.com/36vyf53 But the time to buy Hyundai was a year ago, before everyone wanted it and it cost only 1/3 the price. Right now it probably makes more sense to look at Toyota, whose shares have been beaten up by all the negative hype.
  • SCE to AUX SCE to AUX on Apr 22, 2010

    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.

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    • Jack99 Jack99 on Apr 23, 2010

      Well, they are releasing the Hyundai Sonata hybrid, but I'm guessing they'll sell those in lower volume initially. Their hybrid powertrain from what I hear is their very own and operates differently from the Prius.' I'll definitely be checking TTAC for more reviews on it.

  • John R John R on Apr 22, 2010

    Woot. Time to celebrate. Get a license to sell the Spirra over here: http://www.youtube.com/watch?v=wL5vcwX3ykU

  • Akitadog Akitadog on Apr 23, 2010

    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.

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