Shares of South Korea’s largest defense firm Hanwha Aerospace plunged more than 6% Tuesday, after the company reported worse than expected numbers for its fourth quarter revenue and pre-tax profit on Monday.
Revenue in the fourth quarter rose 72.56% year on year to 8.33 trillion South Korean won, but missed LSEG estimates of 8.64 trillion won.
Pre-tax profit plunged 72% to 602 billion won, a massive miss compared to expectations of 1.2 trillion won, while the company’s operating profit dipped 16% to 753 billion won.
Net profit was a bright spot, coming in above expectations despite a 54% decline at 934 billion won. LSEG estimates had pegged net profit at 717.20 billion won.
Annual revenue skyrocketed 137% year on year to hit 26.61 trillion South Korean won, but marginally missed estimates of 27.01 trillion won.
