AU Optronics Reports $422 Million Net Profit for First Quarter 2021
Issued by: AU Optronics Corp.
Issued on: April 29, 2021
Hsinchu, Taiwan, April 29, 2021–
AU Optronics Corp. ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the first quarter of 2021(1).
Consolidated revenues for the first quarter of 2021 were USD $2.912 billion, up by 3.0% quarter-over-quarter. AUO’s net profit attributable to owners of the Company for the first quarter of 2021 was USD $641 million with a basic EPS(2) of USD $0.04.
In the first quarter of 2021, the total panel area shipment reached around 6.35 million square meters, down by 6.3% quarter-over-quarter and up by 15.2% year-over-year.
Highlights of consolidated results for the first quarter of 2021
- Revenues of USD $2.912 billion
- Operating profit of USD $422 million
- Net profit attributable to owners of the Company at USD $416 million
- Basic EPS(2) was USD $0.04
- Gross margin was 22.0%
- Operating margin was 14.5%
- EBITDA(3) margin was 24.8%
Looking back to the first quarter, demand for stay-at-home related applications continued to be robust. While panel area shipment decreased from the previous quarter due to component supply tightness and less working days, revenues for the first quarter were up by 3.0% quarter-over-quarter and increased significantly by 54.5% year-over-year driven by persisting upward pricing trend. In terms of profitability, operating profit for the first quarter was USD $422 million, returning to USD $400 million level.
Looking into the second quarter, robust demand remains, while industry undersupply is not expected to be eased in the near term. The Company will continue its dedication to value transformation strategy, extending its core display technology into diversified smart fields to build up ecosystems. Our goal is to become an acknowledged industry leader in technological innovation and total solution, and to deliver stable profitability in the long term.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the first quarter of 2021 was calculated based on the weighted average outstanding shares of the reporting quarter (9,500 million shares).
(3) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.
About AU Optronics:
AU Optronics Corp. (“AUO”) is one of the world’s leading providers of optoelectronic solutions. Based on its profound R&D and manufacturing experience, AUO offers a full range of display applications and smart solutions integrating software and hardware, and leverages its core expertise to enter new business areas such as solar, smart retail, general health, circular economy and smart manufacturing service. Additionally, AUO has also been named to the Dow Jones Sustainability World Index since 2010. AUO’s consolidated net revenues in 2020 were NT$270.96 billion. For more information, please visit AUO.com.
Safe Harbour Notice
AU Optronics Corp. (“AUO” or the “Company”) (TWSE: 2409), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release include “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on March 27, 2020. In addition, our SEC reports, including our Annual Report on Form 20-F contains other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. We undertake no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
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