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HD Hyundai Marine Solution: Aftermarket Business Stabilizing, Revenue to Keep Growing on DF Engine Supply

Policy2 min read

HD Hyundai Marine Solution reported record quarterly sales for the third quarter of this year. It said its core aftermarket business is now stable and expects sales to keep growing as it supplies more dual-fuel engines.

Record sales, profit below expectations

HD Hyundai Marine Solution, a company that services ships and marine engines, held its third-quarter earnings call on the 26th. It reported sales of 650.1 billion won and operating profit of 95.7 billion won. Sales hit a new quarterly record, but operating profit came in below what the market had expected. The company said its aftermarket (AM) business, which means repair and service work after a ship is sold, has become more stable. Because of this, one-time sales that come from short-term spot orders have eased, and orders the company planned are now turning into sales more smoothly.

Key numbers

  • Third-quarter sales: 650.1 billion won, up 26.7% from a year earlier
  • Third-quarter operating profit: 95.7 billion won, up 2.2% from a year earlier
  • Operating margin: 14.7%, down 3.5 percentage points, due to one-time costs from the Goltens deal
  • Eco solutions sales: 39.3 billion won, up 17.3% from a year earlier but down 13.2% from the previous quarter
  • Goltens expected 2025 sales: about 140 to 150 million dollars, with an operating margin of about 10%

The Goltens deal and new projects

Earlier this month, the company said it would buy Goltens, a global engine maintenance and repair company. It signed the share purchase agreement on the 8th, which removed uncertainty about the deal. The company expects the purchase to close early next year. It plans to start the post-merger integration (PMI) process in the fourth quarter to find ways to work together and save money. The company also has a plan for a mid-sized engine called the 'Himsen Engine' to power AI data centers. It signed a memorandum of understanding with the US company AEG in May. Sales from that work are not expected until 2029 or later.

Why it matters

The aftermarket business gives steady income, and dual-fuel engines are seen as a source of long-term growth. A stable core business plus a planned acquisition could help the company grow. However, the lower margin this quarter and possible extra costs after the merger show that profit can still move up and down. Timing of big projects, such as the LNG floating storage and regasification unit, also depends on government approvals.

What to watch

  • Whether the Goltens purchase closes early next year as expected
  • How the PMI process in the fourth quarter affects costs and savings
  • Whether dual-fuel engine orders keep raising sales
  • Government permit timing for the LNG-FSRU project, which has moved to the first or second half of next year
  • Whether the AEG data center deal is signed, since it is not final yet

Glossary

LNG-FSRU
Floating storage and regasification unit: a floating facility that stores liquefied natural gas and turns it back into gas.

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