The company said its net sales for the 3- and 6-month periods ended June 30, 2024 rose 3.9% and 3.5%, respectively, from the same periods a year earlier. It said foreign currency exchange rates had a negative effect of 1.7% and 1.5%, respectively.

1. 01

   The company said its net sales for the 3- and 6-month periods ended June 30, 2024 rose 3.9% and 3.5%, respectively, from the same periods a year earlier. It said foreign currency exchange rates had a negative effect of 1.7% and 1.5%, respectively.

2. 02

   The company said net earnings were $242.8 million for the three-month period and $415.2 million for the six-month period, compared with $209.6 million and $442.1 million in the same prior year periods. It cited the 2023 Restructuring Plan costs, including $81.1 million in employee termination benefits-related charges, as the main factor behind the decline in earnings for the six-month period.

3. 03

   The company said cash flows from operating activities were $597.4 million for the 6-month period ($655.6 million in the prior year). It said investing activities used $442.0 million and financing activities used $142.0 million. In financing, it borrowed a net $115.0 million under its Uncommitted Credit Facility and used that money, along with cash on hand, to repurchase $199.5 million of its common stock.

4. 04

   The company said total debt was $5,834.7 million as of June 30, 2024, of which $1,878.0 million was classified as current debt. The company said that May 2024 it authorized a $2.0 billion share repurchase program, and that the amount remaining under the program as of June 30 was $1,904.6 million.

Key figures

Quarter ended June 30, 2024

Revenue

$1.9B

Operating income

$351M

Net income

$243M

EPS

$1.18

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

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