LG Display (034220) Q4 2023 earnings summary

Executive summary

• Q4'23 revenue rose 55% QoQ to KRW 7,396bn; operating income turned positive at KRW 132bn and net income at KRW 51bn.

• FY23 revenue was KRW 21,331bn, with operating loss of KRW 2,509bn and net loss of KRW 2,576bn.

Financial highlights

• Q4'23 revenue increased 1% YoY; EBITDA was KRW 1,272bn, up 233% QoQ and 509% YoY.

• Q4'23 gross profit was KRW 864bn versus a KRW 20bn loss in Q4'22; operating income was KRW 132bn versus a KRW 876bn loss.

• FY23 EBITDA was KRW 1,704bn, down from KRW 2,472bn in FY22.

Segment performance

• Mobile OLED shipment growth and mid- to large-sized panel shipments contributed to Q4 revenue growth; higher-value products supported operating profitability.

• Q4 area shipment rose 17% QoQ to 5.6 million m², while ASP per m² increased 32% QoQ to $1,064.