Hyundai Motor reports 31% drop in Q1 operating profit, meets forecasts

Hyundai Motor reported a 31% drop in first-quarter operating profit, though results met analysts' estimates. The decline was attributed to weaker demand in the Middle East and a recall of its Palisade SUV, both of which weighed on earnings. The print is negative for fundamentals and likely to pressure the stock modestly.

Analysis

Hyundai Motor reported a 31% drop in first-quarter operating profit, though results met analysts' estimates. The decline was attributed to weaker demand in the Middle East and a recall of its Palisade SUV, both of which weighed on earnings. The print is negative for fundamentals and likely to pressure the stock modestly.