---
title: "The 3Q26 earnings improvement was driven by fixed-cost leverage from higher engine deliveries,… — 현대차증권 조선/방산 백주호 — DecisionGateway"
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statement

# **The 3Q26 earnings improvement was driven by fixed-cost leverage from higher engine deliveries, expanded recognition of 2025 high-price orders, and a rising share of LPG DF engines.**

A statement by 현대차증권 조선/방산 백주호. Statements are as reported by the cited publishers — not verified by DecisionGateway.

> *엔진 인도대수 증가에 따른 고정비 레버리지 효과와 2025년 고선가 수주분 인식 확대, LPG DF 엔진 비중 상승이 실적 개선 견인.*

hmsecresearchPublished 2026-11-02 [ Read source](https://t.me/hmsecresearch/6153)

## **Discussion**

## **Related claims**

[**DF engine revenue share expanded from 7% in 2Q26 to 20% in 3Q26, and the revenue share of 2025 orders rose to about 70%.**현대차증권 조선/방산 백주호 · statement](https://dgw.tmarket.io/claims/01a1d939-d020-7507-a5c3-371c543a3a64) [**4Q26 engine deliveries are expected to be between 2Q26 and 3Q26 levels, with quarterly deliveries near 2H26 levels while high ASP is maintained.**현대차증권 조선/방산 백주호 · prediction](https://dgw.tmarket.io/claims/01a1d939-d031-7099-8f8e-9dc590aaa26c) [**HD현대마린엔진 recorded 3Q26 revenue of 211.4 billion KRW (YoY +93.7%, QoQ +65.0%) and operating profit of 60.3 billion KRW (YoY +197.2%, QoQ +92.7%, OPM 28.5%), beating consensus operating profit of 40 billion KRW by 50.8%.**현대차증권 조선/방산 백주호 · statement](https://dgw.tmarket.io/claims/01a1d939-cffe-717e-b572-2ac9e1c4954c) [**디아이 본사's profitability improved significantly due to operating leverage from a surge in equipment supply volume in the second half.**현대차증권 반도체소부장/로보틱스 윤동욱 · statement](https://dgw.tmarket.io/claims/01a1d94e-fc0f-768f-8898-8c09d40c718f) [**Expensive fuel and a lack of drivers pressured mobility and the profit projection for 4Q26.**xp\_investimentos · statement](https://dgw.tmarket.io/claims/01a1d1af-929d-7fd0-9198-81eef64668e6) [**Korea's 4Q26 and 2027 earnings estimates have been revised upward, led by energy, chemicals, semiconductors and gaming.**미래에셋증권 전략/퀀트 유명간 · statement](https://dgw.tmarket.io/claims/01a1d851-1406-7758-a103-eee4303fd7fb)

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