LG Display Co Ltd (NYSE:LPL) Q4 2023 Earnings Call Transcript January 24, 2024 ET

Company Participants

Suk Heo - Head of IR Division & Director

Sung-Hyun Kim - Senior VP, CFO & Inside Director

Conference Call Participants

Dongwon Kim - KB Securities

Sung Eun Kim - Meritz Securities

Kyuha Lee - NH Investment & Securities

Won Suk Chung - HI Investment & Securities

Operator

Good morning, and good evening. First of all, thank you all for joining this conference call. And now we will begin the conference of the Fiscal Year 2023 Fourth Quarter Earnings Results by LG Display. This conference will start with a presentation followed by a divisional Q&A session. [Operator Instructions]

Now we shall commence the presentation on the Fiscal Year 2023 Fourth Quarter Earnings Results by LG Display.

Suk Heo

Good afternoon. This is Brian Heo in charge of LG Display's IR. On behalf of the company, let me thank all the participants at this conference call. Today, I'm joined by the CFO, Sung-Hyun Kim; Seung Min Lim, Senior Vice President of Corporate Planning; Keuk Sang Kwon, Vice President of Auto Marketing; Ki-Yong Lee [ph], in charge of Business Intelligence; Sung Joon Bae [ph], in charge of Large Display Marketing; Won Jae Lee [ph], in charge of Medium Display Marketing and Myoung-Kyu Kim [ph], in charge of Small Display marketing.

The conference call will be conducted in both Korean and English. Please refer to the provisional earnings release today or the IR Events section in the company's website for more details on the financial results of Q4, 2023.

Before we begin the presentation, please take a moment to read the disclaimer.

Please note that today's results are based on consolidated IFRS standards prepared for your benefit and have not yet been audited by an outside auditor.

I will start with Q4 business results. Revenue increased 55% Q-o-Q to KRW 7.396 trillion, driven by increased shipment of OLED panels for mobile and medium and large panels for IT and TV to meet the seasonal demand.

Our work on the business structure upgrade is now showing visible impact with higher share of OLED centered high-value-add products. Profitability improved, thanks to continued activities on cost innovation and operational efficiency. The company turned to profit in Q4 for the first time in 7 quarters, posting an operating profit of KRW 132 billion.

Next is area shipment and ASP per square meter. Area shipment in Q4 was 5.6 million square meters, up 17% Q-o-Q. ASP per square meter rose 32% to $1,064.