AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its consolidated financial results for the first quarter of 2017(1).
AUO’s consolidated revenues for the first quarter of 2017 were NT$88.56 billion, down by 3.6% from the previous quarter. Net profit for the first quarter of 2017 was NT$9.44 billion. Net profit attributable to owners of the Company was NT$9.48 billion, with a basic EPS(2) of NT$0.98.
In the first quarter of 2017, large-sized panel(3) shipments totaled 27.23 million units, down by 3.8% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter were around 36.43 million units, up by 1.9% quarter-over-quarter.
Highlights of consolidated results for the first quarter of 2017：
- Revenues of NT$88.56 billion
- Operating profit of NT$12.02 billion
- Net profit attributable to owners of the Company at NT$9.48 billion
- Basic EPS(2) of NT$0.98
- Gross margin was 19.7%
- Operating margin was 13.6%
- EBITDA(4) margin was 24.9%
- Operating margin of Display Segment was 14.8%
- EBITDA(4) margin of Display Segment was 26.3%
Looking back on the first quarter, although it was a traditionally slower season, demand from customers remained healthy, while the panel prices also mildly increased. As a result, the Company performed well financially. Affected by annual maintenance and fewer working days, AUO’s revenues for the first quarter came down slightly by 3.6% quarter-over-quarter to NT$88.56 billion. However, AUO’s operating profit improved by 4.0% quarter-over-quarter to NT$12.02 billion. Net profit attributable to owners of the Company reached NT$9.48 billion, up by 5.7% from the previous quarter, which marked the best first quarter results since 2009.
Looking into the second quarter, as the Company enters into the traditionally higher seasons with seasonal inventory build-up, ordering momentum from customers is expected to improve, while the Company’s overall loading rates are also expected to maintain at high levels. The Company will continue to level up its operating efficiency and will keep promoting for technology and product innovations, strengthening the bond and cooperation with strategic customers, with a view to solidify AUO’s long-term competitive advantages and strategic position for high-end LCD products.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the first quarter were calculated based on the weighted average outstanding shares of the reporting quarter (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.