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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Kia Motors Corporation    A000270   KR7000270009

KIA MOTORS CORPORATION

(A000270)
  Report
End-of-day quote. End-of-day quote Korea Stock Exchange - 11/26
58400 KRW   -1.02%
11/27Hyundai, Kia agree to $210 million U.S. auto safety civil penalty
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11/27Hyundai, Kia Agree to U.S. Consent Orders Over Recalls
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11/25KIA MOTORS : Workers on Partial Strike in South Korea
DJ
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SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Hyundai Motor swings to quarterly loss as engine issues batter earnings

10/26/2020 | 04:29am EST
FILE PHOTO: Beijing International Automotive Exhibition, or Auto China show

SEOUL (Reuters) - South Korea's Hyundai Motor Co said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings.

Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia Motors Corp, reported a net loss of 336 billion won (228 million pounds). The average of 12 analyst estimates complied by Refinitiv was 1.2 trillion won in profit.

The automaker said it booked 2.1 trillion won to cover charges related to engine defects that increased the risk of stalling and fire. The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls.

"Third-quarter results reflect engine-related provision expenses as the company took preemptive measures to ensure customer safety and cover any possible future increase in quality-related expenses," Hyundai said in a statement.

"We sincerely apologise to our shareholders and investors for having repeated quality cost issues over three quarters since 2018," an executive told an earnings briefing.

Operating loss for the third quarter was 314 billion won. Excluding quality costs, the figure would have been 1.8 trillion won profit. Revenue rose 2.3% on year to 27.6 trillion won.

Analysts said the operating loss was not as deep as expected as Hyundai enjoyed firm sales in the quarter backed by increased demand in the United States and emerging markets such as India.

Its stock rose as much as 4.2% after the announcement versus a 0.3% fall in the benchmark KOSPI <.KS11> in afternoon trade.

(Reporting by Heekyong Yang and Joyce Lee; Additional reporting by Joori Roh; Editing by Christopher Cushing and Kim Coghill)

By Heekyong Yang and Joyce Lee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION -0.33% 15200 End-of-day quote.-15.08%
HYUNDAI MOTOR COMPANY -0.28% 179000 End-of-day quote.48.55%
KIA MOTORS CORPORATION -1.02% 58400 End-of-day quote.31.83%
KOSPI COMPOSITE INDEX 0.43% 2630.85 Real-time Quote.19.13%
All news about KIA MOTORS CORPORATION
11/27Hyundai, Kia agree to $210 million U.S. auto safety civil penalty
RE
11/27Hyundai, Kia Agree to U.S. Consent Orders Over Recalls
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11/25KIA MOTORS : Workers on Partial Strike in South Korea
DJ
11/23GM hits reverse on Trump effort to bar California emissions rules
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11/20These 11 EV Startups Are Chasing Tesla. They -2-
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11/20These 11 EV Startups Are Chasing Tesla. They -2-
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11/19KIA MOTORS : Workers Plan Partial Strike, Reuters Reports
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11/19Kia Motors workers in South Korea to stage partial strike over wages, EV plan..
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11/09Chip maker NVIDIA signs in-car entertainment system deal with Hyundai Motor
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11/09Poland bets on electric car to power auto parts sector
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More news
Financials
Sales 2020 59 416 B 53,8 B 53,8 B
Net income 2020 1 398 B 1,26 B 1,26 B
Net cash 2020 1 164 B 1,05 B 1,05 B
P/E ratio 2020 16,6x
Yield 2020 1,81%
Capitalization 23 535 B 21 310 M 21 299 M
EV / Sales 2020 396x
EV / Sales 2021 356x
Nbr of Employees -
Free-Float 60,4%
Chart KIA MOTORS CORPORATION
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Technical analysis trends KIA MOTORS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 28
Average target price 68 928,57 KRW
Last Close Price 58 700,00 KRW
Spread / Highest target 44,8%
Spread / Average Target 17,4%
Spread / Lowest Target -35,3%
EPS Revisions
Managers
NameTitle
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, Senior Managing Director & Head-Finance
Eui-Sun Chung Senior Vice Chairman
Sang-Koo Nam Independent Director
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