Published date:2023-10-31
AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the third quarter of 2023(1).
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Consolidated revenues in the third quarter of 2023 were NT$70.11 billion, up by 10.7% quarter-over-quarter. AUO’s net loss attributable to owners of the Company for the third quarter of 2023 was NT$0.98 billion, with a basic EPS(2) of -NT$0.13.??
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In the third quarter of 2023, the total panel area shipment reached around 5.89 million square meters, up by 3.3% quarter-over-quarter and up by 52.0% year-over-year.
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Highlights of consolidated results for the third quarter of 2023
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Looking back to the third quarter, as brand customers prepared for the year-end holiday season, restocking demand for consumer products continued. Both panel shipments and prices increased compared to the previous quarter, resulting in a 10.7% quarter-over-quarter increase in the Company’s revenues. The Company’s losses also continued to narrow compared to the previous quarter. In terms of the financial structure of the Company, inventory turnover days were 41 days and net debt to equity ratio was 16.7%. Both metrics are at healthy levels.
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Looking forward to the fourth quarter, the year-end holiday season restocking demand gradually came to an end. The end-market demand is expected to remain weak due to the macroeconomic uncertainties. The Company will continue to closely observe the industry supply/demand situation and dynamically adjust its operation strategy. In the meantime, the Company will accelerate its deployment in vertical business, in order to strengthen its operational resilience and deliver stable operating results in the long-term.
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(1)? All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the third quarter of 2023 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.
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