Cub Elecparts Inc (為升電裝), which makes electric switches, sensors and radar for vehicles, yesterday reported that first-quarter net income surged 40.68 percent to a record NT$309.63 million (US$10.01 million), from NT$220.10 million a year earlier.
Earnings per share rose 12.5 percent annually from NT$2.4 to NT$2.7, it said.
Gross margin increased 8.83 percentage points to 55.33 percent, while revenue fell 0.89 percent to NT$1.005 billion, it added.
“We expect annual revenue growth to reach 20 percent, as we see robust demand for our advanced driver-assistance systems and millimeter-wave radar from the Chinese and US markets,” the firm said. “Gross margin is forecast to climb to more than 60 percent.”
The Changhua County-based company last year reported a 14.29 percent growth in revenue.
Cub Elecparts early this year bought CubTek Inc (為昇科) to enter the intelligent vehicles market with its technologies for millimeter-wave radar that operate in the 24 gigahertz (GHz), 77GHz and 79GHZ frequency bands.
Production of tire pressure monitoring systems is this year forecast to grow 5 to 10 percent to between 3.8 million units and 4 million units, compared with 3.65 million units last year, the company said, adding that its two production lines in Taiwan and three in China can each produce 150,000 units per month.
Separately, Fu-Chian Tire Co Ltd (富強輪胎) reported that net income last quarter plummeted 56.26 percent to NT$7.88 million, from NT$18.02 million a year earlier.
Earnings per share dropped from NT$0.28 to NT$0.12, it said.
Gross margin fell 6.34 percentage points to 16.13 percent, while revenue decreased 11.39 percent year-on-year to NT$132.11 million, the company said.
The firm last month bought 5,789.77m2 of land in Changhua’s Yuanlin Township (員林) for NT$209 million to expand its production capacity.
In addition to making vehicle tires, the company also produces rubber floors for airports, hotels, schools, hospitals and train stations.
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