AUO Corporation ("AUO" or the "Company") (TSE: 2409; NYSE: AUO) today held its investor conference and announced its consolidated financial results for the second quarter of 2019(1).
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Consolidated revenues for the second quarter of 2019 were NT$70.07 billion, up by 5.0% quarter-over-quarter. AUO’s net loss attributable to owners of the Company for the second quarter of 2019 was NT$2.68 billion, with a basic EPS(2) of -NT$0.28.
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In the second quarter of 2019, large-sized panel(3) shipments totaled around 27.17 million units, up by 5.0% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter were around 33.01 million units, up by 32.2% quarter-over-quarter.
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Highlights of consolidated results for the second quarter of 2019
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Looking back to the second quarter, while industry supply demand remained unbalanced, the Company’s financial results were less than ideal. But with the Company’s active adjustments of its product mix and improvement on the production efficiency, the quarterly revenues had increased by 5.0% from the previous quarter, and the extent of loss had also became narrower comparing to the previous quarter. In terms of the financial structure of the Company, inventory turnover days were 36 days and net debt to equity ratio was 13.6%. Both metrics were kept at a healthy level.
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Looking into the third quarter, the high seasonal demand seems unclear due to the macroeconomic uncertainties. Under these circumstances, the Company will monitor the market and prepare to be ready to satisfy customer demand. Facing the industry headwind, the Company will keep focusing on increasing its revenue share in high value-added and non-commodity products. In addition, the Company will continue to promote hardware and software integrated services and field economy in order to strengthen its competitiveness and achieve operational stability.
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(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the second quarter of 2019 were calculated based on the weighted average outstanding shares of the reporting quarter (9,624 million shares).
(3) Large size refers to panels that are 10 inches and above.
(4) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.