TECO's Q1 Revenue Growth Hits Five-Year High
TECO Electric & Machinery racked up revenue of NT$4,436,522,000 in March, up 20.12% year-on-year, boosting Q1 revenue to NT$11,911,230,000, 13.3% higher than a year earlier, a five-year high. The performance follows last year's growth momentum, which is expected to continue into Q2.
Except sales decline in the U.S., the company staged two-digit sales growth in all the other regional markets, notably the Italian market where its sales growth topped 30%. In terms of products, the good performance is across the board, including motor, automation solution, home appliances, and engineering.
The company is upbeat for Q2 performance, citing increase in return of Taiwanese businesses to Taiwan and domestic investments. In addition to demand for smart energy-saving motors and solutions, it has also landed significant orders for plant-construction engineering works in such fields as PCB, semiconductor, medical equipment, paper making, machinery, and special construction materials. In addition, it is in talk with more than Taiwanese manufacturers for such engineering service.
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