The company said sales for the 3 months ended March 31, 2024 fell 6.6% year over year, organic sales fell 8.1%, and adjusted EPS of $2.50 was down 16.9% from $3.01 a year earlier.

1. 01

   The company said sales for the 3 months ended March 31, 2024 fell 6.6% year over year, organic sales fell 8.1%, and adjusted EPS of $2.50 was down 16.9% from $3.01 a year earlier.

2. 02

   The company said Software & Control sales fell 23.1% in the 3 months, and its segment operating margin dropped to 25.7% (33.6% a year earlier), while Lifecycle Services sales rose 14.0% and its margin increased to 16.6% (5.5% a year earlier).

3. 03

   The company said operating cash flow for the 6 months ended March 31, 2024 was $152.4 million ($253.4 million a year earlier), and free cash flow was $33.3 million ($197.7 million a year earlier).

4. 04

   The company said it plans to implement actions, including restructuring, in the second half of 2024 to adjust its cost structure to lower-than-expected orders and revenue this fiscal year. It said it anticipates savings of about $100 million and restructuring costs of about $60 million.

Key figures

Quarter ended March 31, 2024

Revenue

$2.1B

Net income

$266M

EPS

$2.31

Gross profit

$833M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). 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.