HD Hyundai Electric reported first-quarter revenue of 1.04 trillion won ($760 million) and operating profit of 258.3 billion won ($188 million), the company said in a regulatory filing Monday. Revenue rose 2.1% and operating profit climbed 18.4% from a year earlier. The operating margin reached 24.9%.
By product segment, the power equipment business led the growth. Power equipment revenue increased 21.6% year-on-year, driven by expanding demand for power transformers in North America. Rotating machinery revenue also grew 10.8%, supported by strong performance in marine products.
Distribution equipment revenue, however, fell 24.2% from a year earlier, affected by a base effect from large-volume distribution transformer sales in the year-earlier period and delays in low-voltage circuit breaker deliveries caused by geopolitical risks in the Middle East.
By market, North American sales surged 26.6% year-on-year, leading the company's overall growth. European market revenue rose 17.0% from a year earlier.
First-quarter orders totaled $1.797 billion, up 34.6% from a year earlier. The company filled 42.6% of its annual order target of $4.222 billion in just three months. Order backlog reached $7.888 billion, up 17.2% from the end of last year.
"While maintaining our selective order policy focused on profitability, orders continue to grow thanks to the expansion of AI data centers and replacement demand for aging power grids," an HD Hyundai Electric official said. "We will complete the ongoing expansion of our Ulsan plant and North American production subsidiary on schedule to sustain solid growth."
Separately, HD Hyundai Electric announced a quarterly cash dividend of 1,300 won per common share. The total dividend amounts to 46.8 billion won, with a record date of May 13 and a payment date of May 27.
