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- LG Display Co Ltd. (NYSE: LPL) posted year-on-year revenue growth of 16% to $6.74 billion (KRW 7,461 billion) in the fourth quarter of FY20, beating Street estimates by $20 million.
- Global remote working trends led to robust demand for TV and IT products, catapulting into higher shipments for both large-size OLED (Organic Light Emitting Diode) and P-OLED (Polymer Light-Emitting Diodes).
- The panel area shipment rose by 5%, and the ASP (average selling price) per square meter climbed by 12% quarter-on-quarter.
- Strong shipments, swelling panel prices, and the Guangzhou OLED plant going into full-scale production translated into an operating profit growth of 62% to $618.4 million (KRW 685 billion).
- The EBITDA rose by 203% to $1.6 billion (KRW 1,774 billion).
- The net income stood at KRW 621 billion ($560.7 million) versus a net loss of KRW 1,817 billion ($1.64 billion) last year.
- The EPS stood at KRW 1,735 ($1.57), exceeding consensus estimates by $1.28 and compared to a loss per share of KRW 5,078 ($4.59) in Q4FY19.
- LG projected a flat area shipment on a quarter-on-quarter basis and a high single-digit decline in blended ASP for Q1FY21 due to the industry's seasonality.
- Price action: LG shares were lower by 6.51% at $9.76 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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