LG Display Announce Q3’08 Results: Revenues Down 8% Q/Q, Shipments Up 12% Q/Q

LG Display Announce Q3'08 Results: Revenues Down 8% Q/Q, Shipments Up 12% Q/Q

LG Display (NYSE: LPL), one of the largest LCD manufacturers in the world, announced Q3’08 shipment results. LPL is shipping quite a bit more, but due to intense downward pressure on LCD prices the company’s revenues declined 8% Q/Q and 2% Y/Y to KRW 3861 billion from KRW 4211 billion in Q2’08 and KRW 3953 billion in Q3’07. Net income dropped a significant 61% Q/Q and 44% Y/Y to KRW 295 billion.

L/A TFT LCD Panel Shipments
Q3′08: Up 12% Q/Q, up 17% Y/Y, 3.67 million m2

L/A TFT LCD Panel Revenues
Q3′08: Down 8% Q/Q, down 2% Y/Y, KRW 3861 billion

LPL’s L/A TFT LCD panel shipments increased 12% Q/Q and 17% Y/Y to 3.67 million square meters of net display area. The results show that LCD area shipments depend heavily on those geared for LCD TV applications accounting for 51% of revenues, up from 43% in Q2’08. This might be an over-exposure toward the LCD TV markets. Revenues from LCD panel shipments geared for LCD monitor and notebook PC applications accounted for 22% each.

LG Display Announce Q3'08 Results: Revenues Down 8% Q/Q, Shipments Up 12% Q/Q

ASP per square meter of net display area shipped was down 22% Q/Q and 27% Y/Y to US$992 and is the very first time that LPL’s ASP/m2 fell below the $1000 mark. Cost of goods sold per square meter of display area in Q3’08 decreased 7% Q/Q due to pushing yields higher and developing lower-cost models. LPL is expecting shipments to continue to increase in Q4’08 by a “low to mid teens percentage” with COGS/m2 to decrease by a “high single digit percentage”.

Glass substrate input capacity increased 8% Q/Q and 20% Y/Y to 5474K m2. LPL’s P7 (its G7 LCD fab) comprised 40.9% of total capacity, up from 40.0% in Q2’08.

Source: LG Display

[tags]LG Display, LPL, Display Manufacturer, LCD Manufacturer, 32″, 32″ LCD TV, 46″, 46″ LCD TV[/tags]

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