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Hyundai Motor (OTC:HYMTF), the world’s third-largest automaker with affiliate Kia, reported a 17% drop in fourth-quarter operating profit, missing analyst estimates. The company posted 2.8 trillion won ($1.95 billion) in operating profit for October-December, down from 3.4 trillion won a year earlier. Analysts had expected an average of 3.2 trillion won, according to LSEG SmartEstimate.
Despite the earnings miss, Hyundai shares rose 1.4% on Thursday. Analysts attributed the profit decline to higher spending on promotions amid a slowing car market and increased financial costs driven by a weaker South Korean won against the U.S. dollar. While the currency boosted repatriated earnings, it also raised foreign debt-related expenses.
Hyundai’s global retail sales faced mixed performance during the quarter. Strong sales in the U.S. and India were offset by weaker demand in South Korea, Europe, and China.
The results highlight the challenges automakers face in balancing global sales performance and currency fluctuations in a competitive market.
