Published date:2024-04-30
AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the first quarter of 2024(1).
Consolidated revenues in the first quarter of 2024 were NT$59.48 billion, down by 6.1% quarter-over-quarter and up by 16.2% year-over-year. AUO’s net loss attributable to owners of the Company for the first quarter of 2024 was NT$3.53 billion, with a basic EPS(2) of -NT$0.46.
In the first quarter of 2024, the total panel area shipment reached around 5.30 million square meters, up by 4.1% quarter-over-quarter and up by 23.2% year-over-year.
Highlights of consolidated results for the first quarter of 2024
Looking back at the first quarter, our monthly revenues steadily increased, thanks to the gradual recovery of TV panel prices, as well as continued growth from the automotive and vertical businesses. However, mobiless PC business was affected by softer demand due to seasonality, while revenue from solar was impacted by the recognition timing for the completion of certain projects. These factors resulted in a 6.1% decline in 1Q24 revenue compared to the previous quarter. Nevertheless, thanks to the Company's flexible adjustment of product portfolio and continuous cost improvement, the operating loss did not widen in the first quarter. The Company’s financial structure remains at a stable and healthy level. Inventory turnover days were 46 days, while net debt to equity ratio of 19.4%, continues to stay at a healthy level.
Entering the second quarter, the Company has successfully completed the acquisition of BHTC on April 2nd, which will directly contribute to our vertical business revenue. The Company's existing automotive business, commercial and industrial PC, solar projects, and other vertical businesses also continue to support our growth momentum. In terms of consumer electronic products, brand customers are actively preparing inventory for the upcoming seasonal demand, thereby stimulating overall panel demand. Nevertheless, our near-term output is still affected by the recent earthquake, but production and shipments have gradually recovered, thanks to the efforts of the entire team. Looking ahead, although there is still uncertainty regarding global inflation and wars, the Company will continue to deploy resources into smart mobility, cutting-edge display technology, and vertical businesses, leveraging our healthy balance sheet and the new opportunities following the integration with BHTC. The Company believes it is on track for executing the transformational targets and should accelerate achieving our strategy of going beyond just being a panel maker.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the first quarter of 2024 was calculated based on the weighted average outstanding shares of the reporting quarter (7,668 million shares).
(3) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.