Trio-Tech International(US:TRT)2024-05-13 13:30Revenue Performance - Total revenue increased by $556, or 5.6%, to $10,398 in Q3 Fiscal 2024, compared to $9,842 in Q3 Fiscal 2023[143] - Manufacturing segment revenue increased by $1,850, or 62.4%, to $4,813 in Q3 Fiscal 2024, compared to $2,963 in Q3 Fiscal 2023[143] - Testing segment revenue decreased by $1,901, or 33.4%, to $3,796 in Q3 Fiscal 2024, compared to $5,697 in Q3 Fiscal 2023[143] - Distribution segment revenue increased by $604, or 51.2%, to $1,783 in Q3 Fiscal 2024, compared to $1,179 in Q3 Fiscal 2023[143] - Revenue in the Manufacturing segment accounted for 46.3% of total revenue in Q3 Fiscal 2024, up from 30.1% in Q3 Fiscal 2023[145] - Revenue in the Testing segment accounted for 36.5% of total revenue in Q3 Fiscal 2024, down from 57.9% in Q3 Fiscal 2023[145] - Distribution segment revenue increased to $1,783 million for the three months ended March 31, 2024, up from $1,179 million in 2023, with income from operations rising to $222 million from $151 million[183] - Manufacturing segment revenue increased to $12,488 million for the nine months ended March 31, 2024, up from $11,592 million in 2023, with income from operations rising to $447 million from $373 million[206] - Testing segment revenue decreased to $13,606 million for the nine months ended March 31, 2024, down from $17,709 million in 2023, resulting in a loss from operations of $463 million compared to an income of $1,445 million[207] - Distribution segment revenue for the nine months ended March 31, 2024, was $6,453 million, an increase of 33% from $4,855 million in the same period of 2023[208] Profitability and Margins - Overall gross profit margin increased by 1.0% to 26.0% in Q3 Fiscal 2024, from 25.0% in Q3 Fiscal 2023[143] - For the three months ended March 31, 2024, overall gross margin increased by 1.0% to 26.0%, with gross profits rising by $245 to $2,703 compared to $2,458 in the same period of Fiscal 2023[162] - Manufacturing segment revenue increased to $4,813, with gross margin rising to 25.3% from 17.3%, resulting in income from operations of $298 compared to a loss of $104 in the same period of Fiscal 2023[181] - Testing segment revenue decreased to $3,796, with a gross margin of 31.5%, resulting in a loss from operations of $183, down from income of $37 in the same period of Fiscal 2023[182] - Distribution segment gross profit increased by $97 to $301, despite a marginal decrease in gross profit margin to 16.9% from 17.3%[165] - Overall gross margin decreased by 2.8% to 24.8% for the nine months ended March 31, 2024, down from 27.6% in the same period of 2023, with gross profits decreasing by $1,338 million to $8,077 million[188] - Gross margin for the Distribution segment improved to 17.6% in 2024 from 16.3% in 2023[208] Operating Income and Expenses - Income from operations was $59 in Q3 Fiscal 2024, an increase of $96 compared to a loss of $37 in Q3 Fiscal 2023[143] - General and administrative expenses increased by $103, or 4.6%, to $2,351, primarily due to higher professional fees and remuneration expenses[169] - Selling expenses increased by $44, or 27.5%, to $204, mainly due to increased travel costs associated with business travel[170] - Corporate operating loss increased to $255 million for the three months ended March 31, 2024, compared to a loss of $87 million in the same period in 2023, primarily due to higher stock compensation and professional fees[186] - Corporate loss from operations decreased to $41 million in 2024 from $276 million in 2023[210] Net Income and Earnings Per Share - Net income attributable to common shareholders was $39 for the three months ended March 31, 2024, a change of $46 from a net loss of $7 in the same period of Fiscal 2023[177] - Basic earnings per share from continuing operations were $0.02 for the three months ended March 31, 2024, compared to $nil for the same period in Fiscal 2023[178] - Net income attributable to common shareholders decreased to $776 million for the nine months ended March 31, 2024, down from $1,382 million in 2023, primarily due to decreased revenue and gross margin[202] - Basic earnings per share from continuing operations was $0.19 for the nine months ended March 31, 2024, compared to $0.34 for the same period in 2023[203] Assets and Liabilities - Total assets increased by $901 to $43,087 as of March 31, 2024, compared to $42,186 as of June 30, 2023[143] - Total liabilities decreased by $980 to $11,635 as of March 31, 2024, compared to $12,615 as of June 30, 2023[143] - Cash and cash equivalents rose by $3,133 million to $10,716 million as of March 31, 2024, attributed to cash generated from operations[212] - Trade accounts receivable increased by $279 million to $10,083 million as of March 31, 2024, primarily due to longer credit terms in Singapore operations[214] Other Income and Expenses - Interest expense decreased by $12, or 41.4%, to $17 for the three months ended March 31, 2024, due to lower utilization of credit facilities[172] - Interest expense decreased by $20 to $63 million for the nine months ended March 31, 2024, from $83 million in the same period of 2023 due to lower utilization of credit facilities[197] - Other income increased by $212 to $252, primarily driven by favorable foreign currency impacts and increased interest income[173] - Other income increased to $366 million for the nine months ended March 31, 2024, compared to an expense of $49 million in 2023, driven by favorable foreign currency impacts and increased interest income[198] Real Estate Segment - Real Estate segment revenue was $6 million for the three months ended March 31, 2024, compared to $3 million in 2023, with a loss from operations of $23 million, improved from a loss of $34 million[184] - Real Estate segment revenue was $19 million for the nine months ended March 31, 2024, up from $15 million in 2023[209] Financing Activities - The company filed a shelf registration statement to raise up to $10,000 million for expansion and working capital purposes[227]