HD Hyundai Electric hits record sales on US transformer demand

HD Hyundai Electric announced Tuesday that its first-quarter revenue rose 26.7 percent year-on-year to 1.1 trillion won ($776 million), while its operating profit soared 69.4 percent to 218.2 billion won. It marks the first time the transformer and switchgear manufacturer's quarterly revenue has surpassed 1 trillion won. The company's strong performance is largely attributed to rising electricity demand in the United States, driven by the need to replace outdated equipment and build infrastructure to support artificial intelligence. In the North American market alone, HD Hyundai Electric posted 388.9 billion won in first-quarter sales, up 74.7 percent from 222.6 billion won a year earlier. "We anticipate continued orders in North America again this year," a company official said during a conference call. "Deferred revenue from power transformer projects in the previous quarter was reflected, contributing to rapid sales growth in the region." U.S. President Donald Trump's energy policies were also cited as a boost for the company. HD Hyundai Electric said Trump's declaration of a national eWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times