TECO Electric & Machinery Co. reported a 1% decline in 2023 profit to NT$5.77 billion ($181 million), its second-highest earnings on record, as the Taiwanese manufacturer navigates challenging market conditions.
The company’s board approved a cash dividend of NT$2.2 per share, representing a yield of approximately 5% based on yesterday’s closing price of NT$53.8. TECO’s annual shareholders meeting is scheduled for June 3.
In a significant leadership transition, the board appointed Kao Fei-yuan, currently head of the electromechanical systems and automation business group, to succeed outgoing CEO Fan Hsin effective April 7. Kao, 58, joined TECO in 1994 and has led several successful initiatives, including the development of high-performance next-generation electric vehicle power systems in 2020.
Annual revenue fell 7% to NT$55.2 billion ($1.73 billion), while operating profit decreased 6.4% to NT$6.23 billion ($195 million). Fourth-quarter profit rose 9% year-on-year to NT$1.19 billion ($37.3 million), despite a 5.8% revenue decline.
The board also approved a share repurchase program of up to 500,000 shares between March 17 and May 16 at a price range of NT$37.66 to NT$81.36, with a maximum total value of NT$406.8 million ($12.8 million).
