Summary by Moomoo AI
HUNG TEN PRECISION TECHNOLOGY CO., LTD. ANNOUNCED ITS ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2023, WITH REVENUE DOWN 7.4% YEAR-OVER-YEAR, DOWN FROM $4,531 MILLION IN 2022 TO $4,196 MILLION. Year-over-year profit also decreased 23.5% to $130 million from $170 million. Basic earnings per share fell 24.8% from 2.42 cents to 1.82 cents. The Board has not declared any final dividend. The company is mainly engaged in the manufacture and sale of mobile and wireless equipment, connectors for the telecommunications, computer and automotive markets and is owned by Hung Hai Precision Industries Co., Ltd. In response to the challenges of the consumer electronics and traditional server market demand, Hung Teng Precision has implemented a strategy to improve its product portfolio and gross margin increased to 19.2%. The company also completed the acquisition of FIT Voltaira Group GmbH, a German automotive component design manufacturer, later this year, helping to expand its EV strategy and accelerate EV product development.