Executive Summary
Bedding World Co Ltd delivered a solid QQ3 2024 performance with a resilient gross margin and positive free cash flow, despite a modest year-over-year revenue decline. Reported revenue of 211,185,500 TWD marked a YoY decrease of 3.99% but QoQ growth of 0.18%. Gross profit reached 145,847,000 TWD, yielding a robust gross margin of 69.06%, anchored by favorable product mix and pricing discipline. Operating income was 29,752,000 TWD (operating margin 14.09%), and net income stood at 21,584,000 TWD (net margin 10.22%), with EPS of 1.07 TWD for the quarter. EBITDA was 36,883,000 TWD, translating to an EBITDA margin of 17.46%. The company generated positive operating cash flow of 66,421,499 TWD and free cash flow of 58,029,000 TWD, underscoring strong cash-generation capabilities even as the company maintained a leverage footprint.
Key Performance Indicators
Key Insights
Revenue: 211,185,500 TWD; YoY change: -3.99%; QoQ change: 0.18%
Gross Profit: 145,847,000 TWD; Gross Margin: 69.06%; YoY Gross Margin change: -1.07%; QoQ: +1.09%
Operating Income: 29,752,000 TWD; Operating Margin: 14.09%; YoY: -5.10%; QoQ: -4.03%
Net Income: 21,584,000 TWD; Net Margin: 10.22%; YoY: -5.55%; QoQ: +0.66%
EPS: 1.07 TWD; YoY: -5.31%; QoQ: +0.94%
EBITDA: 36,883,000 TWD; EBITDA Margin: 17.46%
Cash Flow: Operating cash flow 66,421,499 TWD; Free cash flow 58,029,000 TWD
Liquidity: Curren...
Financial Highlights
Revenue: 211,185,500 TWD; YoY change: -3.99%; QoQ change: 0.18%
Gross Profit: 145,847,000 TWD; Gross Margin: 69.06%; YoY Gross Margin change: -1.07%; QoQ: +1.09%
Operating Income: 29,752,000 TWD; Operating Margin: 14.09%; YoY: -5.10%; QoQ: -4.03%
Net Income: 21,584,000 TWD; Net Margin: 10.22%; YoY: -5.55%; QoQ: +0.66%
EPS: 1.07 TWD; YoY: -5.31%; QoQ: +0.94%
EBITDA: 36,883,000 TWD; EBITDA Margin: 17.46%
Cash Flow: Operating cash flow 66,421,499 TWD; Free cash flow 58,029,000 TWD
Liquidity: Current ratio ~1.54x; Quick ratio ~1.28x (approximate)
Balance Sheet: Total assets 1,657,599,000 TWD; Total liabilities 956,011,000 TWD; Total equity 701,588,000 TWD
Debt: Total debt 765,825,000 TWD; Net debt approximate ranges 308,738,000 to 358,738,000 TWD depending on treatment of cash equivalents/short-term investments; Debt to equity ~1.09x
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
211.19M |
-3.99% |
0.18% |
| Gross Profit |
145.85M |
-1.07% |
1.09% |
| Operating Income |
29.75M |
-5.10% |
-4.03% |
| Net Income |
21.58M |
-5.55% |
0.66% |
| EPS |
1.07 |
-5.31% |
0.94% |
Management Commentary
Not provided in the data supplied. The analysis cannot incorporate verbatim management quotes or themes from the QQ3 2024 earnings call without the transcript. Please supply the earnings call transcript to enable theme-based highlights (strategy, operations, market conditions) and contextual quotes.
Not available in the provided dataset
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Not available in the provided dataset
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Forward Guidance
No explicit QQ3 2024 guidance is included in the provided materials. Given the Taiwan consumer furniture market dynamics and Bedding World’s margin resilience, a cautious baseline view is that revenue may stabilize with ongoing gross margin discipline. Potential drivers include continued strength in the ‘World of Beds’ brand, omnichannel sales mix, and product-category expansion. Risks to outlook include consumer spending volatility, raw material/input cost fluctuations, and competitive pressure in the furnishings segment. Investors should monitor: (1) trend in Taiwan consumer sentiment and discretionary spend, (2) channel mix evolution (retail vs. ecommerce), (3) input cost inflation or deflation, and (4) leverage trajectory and cash flow development.