LG Display Co., Ltd. (NYSE:LPL) Q1 2024 Results Conference Call April 25, 2024 1:00 AM ET
Company Participants
Brian Heo - Investor Relations
Sung-Hyun Kim - Chief Financial Officer
Seung Min Lim - Senior Vice President of Corporate Planning
Ki-Yong Lee - Head of Business Intelligence
Sung Joon Bae - Head of Large Display Marketing
Won Jae Lee - Head of Medium Display Marketing
Myoung-Kyu Kim - Head of Small Display Marketing
Conference Call Participants
Sung Eun Kim - Meritz Securities
Dong-Won Kim - KB Securities
Eunho Kim - IBK Investment and Securities
Brian Heo
Good morning. 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; Ki-Yong Lee, 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, 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.
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 2024 Q1 business results. Revenue was KRW5.253 trillion. It was down 29% quarter-on-quarter due to seasonality, but up 19% year-on-year, driven by shipment growth of OLED and LCD TV panels and monitor panels and the start of mass production of IT OLED panels.
In terms of profitability, operating loss was narrowed Y-o-Y to KRW469 billion. Although, there was impact of seasonality, the Company continued with work on upgrading to OLED-centered business structure and improving the cost structure. Production increased for medium and large products like OLED panels for TV and mass production began for IT OLED.
Next is area shipment and ASP per square meter. Area shipment in Q1 was 5.3 million square meters, down 5% Q-o-Q. There was impact from seasonality, but shipment of products like TV and monitor outpaced the plan, slightly overperforming on the guidance. ASP per square meter fell 27% to $7.82 largely in line with the guidance from the previous quarter. The mix of mobile panel shrank and there was relative impact from increased shipment of medium and large products, but mass production began for IT OLED and product mix improved.