LG Display Co., Ltd (NYSE:LPL) Q3 2024 Earnings Conference Call October 23, 2024 1:00 AM ET
Company Participants
Brian Heo - Head of Investor Relations
Sung-Hyun Kim - Chief Financial Officer
Ki-Yong Lee - In-Charge of Business Intelligence
Conference Call Participants
Dongwon Kim - KB Securities
Hyon NamKung - Shinhan Investment & Securities
Sun-Woo Kim - Meritz Securities
Kyuha Lee - NH Investment & Securities.
Brian Heo
Good afternoon. I am Brian Heo, in-charge of LG Display's IR team. On behalf of the company, thank you to all the participants for joining us today in our Third Quarter 2024 Earnings Call.
Today, I have with me our CFO, Sung-Hyun Kim; Seung Min Lim, Senior Vice President of Corporate Planning; [Joo Dong Kim], Vice President of Finance; Ki-Yong Lee, in charge of Business Intelligence; [Joo Dong Kim], Vice President of Large Display Planning and Management; [Won Jae Lee], in-charge of Medium Display Planning And Management; [Jong Seok Park], in-charge of Small Display, Planning And Management; and Ki Hwan Son, VP of Auto Marketing.
The conference call will be conducted in both Korean and English. For more details, please refer to the provisional earnings disclosed today or the IR Events section on the company's website. Also before we begin, please take a moment to read the disclaimer. Also, as a reminder, today's results are based on consolidated IFRS standards prepared for your benefit and has yet to receive an audit by an outside auditor.
We now begin with the earnings results for the third quarter of 2024. Against the backdrop of uncertainties continuing in the downstream IT product market, there was adjustment in shipment for certain product lineup, while we saw a rise in small panel shipment, including smartphone panels, which had a positive impact on this quarter's results. As such, Q3 revenue posted KRW6,821.3 trillion, recording 2% Q-over-Q growth. And on greater impact from OLED centric business portfolio transition, there was 43% year-over-year growth.
In terms of P&L, we are seeing results materialize from OLED centric business structure upgrades, while activities around corporate-wide cost savings and operational efficiency gains continued to drive an uptrend in performance. In Q3, hence, operating loss came in at KRW80.6 billion, including one-off expense of more than KRW100 billion related to ERP program, which took place during the quarter. But even with this cost impact, we narrowed the loss versus previous year and it's also worth noting one positive fact that despite greater market uncertainties, there has been significant profitability improvement year-over-year.