AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its consolidated financial results for the second quarter of 2018(1).
Consolidated revenues for the second quarter of 2018 were NT$75.05 billion, up by 0.8% quarter-over-quarter. AUO’s net profit attributable to owners of the Company for the second quarter of 2018 was NT$1.25 billion, with a basic EPS(2) of NT$0.13.
For the first half of 2018, AUO reported consolidated revenues of NT$149.50 billion. Net profit attributable to owners of the Company was NT$5.56 billion, with a basic EPS(2) of NT$0.58.
In the second quarter of 2018, large-sized panel(3) shipments totaled 27.98 million units, down by 2.1% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter were around 45.32 million units, down by 2.7% quarter-over-quarter.
Highlights of consolidated results for the second quarter of 2018:
Looking back to the second quarter, despite the intensified pressure on TV panel prices, the Company still maintained relatively stable operational results by actively adjusting its product line and product mix. The quarterly revenues increased by 0.8% from the previous quarter, while the operating profit reached NT$2.10 billion and net profit attributable to owners of the Company reached NT$1.25 billion. In terms of the financial structure of the Company, inventory turnover days were 34 days and net debt to equity ratio was 5.6%. Both metrics were kept at a healthy low level.
Looking into the third quarter, inventory in the market has come back to a healthy level; brand customers are actively stocking up for the year-end higher season, and the Company is also well-prepared for the higher season demand. Moreover, the Company intends to keep focusing on its goal for value transformation and technology innovation no matter how the industry fluctuates. In that way, the Company will be able to strengthen its competitive advantage and to maintain its operational stability.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the second quarter of 2018 and the first half of 2018 were calculated based on the weighted average outstanding shares of the first half of 2018 (9,624 million shares).
(3) Large size refers to panels that are 10 inches and above.
(4) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.