The company said its 2023 sales were $3,852.8 million, or 2.6% higher than 2022 sales of $3,753.9 million. It said its gross profit margin was 38.5% in 2022, up from 35.4%. The company cited lower material costs as the main reason for the higher gross profit margin.

1. 01

   The company said its 2023 sales were $3,852.8 million, or 2.6% higher than 2022 sales of $3,753.9 million. It said its gross profit margin was 38.5% in 2022, up from 35.4%. The company cited lower material costs as the main reason for the higher gross profit margin.

2. 02

   The company said Other (income) expense, net was income of $6.9 million in 2023, compared with expense of $425.6 million in 2022. It cited lower pension expenses and pension settlement expense related to the termination of its defined benefit pension plan as factors in the change. It said a pension settlement expense of $417.3 million was recorded in 2022.

3. 03

   The company said operating cash flow in 2023 was $670.3 million, compared with $391.4 million in 2022, and free cash flow was $597.7 million, compared with $321.1 million in 2022. It said total debt decreased by $217.2 million. It said its ratio of total debt to total capitalization was 6.5%, compared with 16.5% at the end of the prior year.

4. 04

   The company said it expects consolidated sales for 2024 to increase 3 to 5% compared with 2023, and full-year earnings per share of $3.90 to $4.15. It said the guidance excludes the impact of potential future acquisitions.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.9B

Operating income

$810M

Net income

$557M

EPS

$3.69

Gross profit

$1.5B

Operating cash flow

$670M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.