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LG Display 3Q15 results ?2

10:26 22-Oct-15


LG Display has reported a third quarter operating profit of 333b KRW, a 30% YoY increase, on revenue of 7158b KRW, which is a 7% YoY increase.  Net profit dropped 44% to 198b KRW, which may be due to production build out costs.

In ADR terms, that's an operating profit of 41 cents per share on revenue of $6.3b, which beats handily, but were likely helped by currency tailwinds, as predicted.  The net profit comes to 24 cents per ADR, which misses by 5 cents.

TFT-LCD panels for TVs accounted for 39% of revenue in the third quarter of 2015, mobile device panels for 27%, tablet PCs and notebook PCs 18%, and monitors 16%.  This once again indicates that AMOLED TVs are not yet a meaningful revenue source.  Expect that to change next year.  The company does expect its legacy business to increase slightly for the fourth quarter.

I see this as a fairly good report, despite the initial market reaction.  Again, though, I will be more focused on qualitative comments in the conference call, and will report on them tomorrow.