LX Semicon (108320) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was ₩1,363.1 billion, down 28.3% year-over-year, but up 1.7% from 2Q24.

• Net profit for Q3 2024 was ₩109.7 billion, up 8.4% year-over-year, but a significant decrease from 3Q23 in some reports.

• Gross profit for Q3 2024 was KRW 1,393 hundred million, with a gross margin of 33.2%.

• Operating profit in Q3 2024 was KRW 343 hundred million, with an operating margin of 8.2%.

• 98.8% of sales were from exports as of Q3 2024.

Financial highlights

• Gross margin improved to 33.2% in Q3 2024 from 32.5% in Q3 2023.

• Operating margin dropped to 8.2% in Q3 2024 from 13.1% in Q3 2023.

• EBITDA for Q3 2024 was KRW 429 hundred million, with an EBITDA margin of 10.2%.

• SG&A as a percentage of revenue was 25.0% in Q3 2024, up from 22.4% in 2Q24.

• Cash and cash equivalents stood at ₩255.2 billion at the end of Q3 2024.

Segment performance

• Display driver ICs accounted for 88.9% of Q3 2024 sales.

• TV segment contributed 31% of sales in Q3 2024, up from 29% in 2Q24.

• IT segment accounted for 30% of sales, up from 24% in 2Q24.

• Mobile segment share decreased to 33% in Q3 2024 from 41% in 2Q24.

• Two major customers represented 57% of total sales.