AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the second quarter of 2023(1).
Consolidated revenues in the second quarter of 2023 were NT$63.32 billion, up by 23.7% quarter-over-quarter. AUO’s net loss attributable to owners of the Company for the second quarter of 2023 was NT$4.81 billion, with a basic EPS(2) of -NT$0.63.
In the second quarter of 2023, the total panel area shipment reached around 5.71 million square meters, up by 32.7% quarter-over-quarter and up by 16.0% year-over-year.
Highlights of consolidated results for the second quarter of 2023
Looking back to the second quarter, consumer products demand has recovered. Brand customers have resumed restocking, leading to a remarkable increase in the Company’s panel area shipment compared to the previous quarter. AUO’s revenues had increased by 23.7% quarter-over-quarter, and the extent of loss also became narrower compared to the previous quarter. In terms of the financial structure of the Company, inventory turnover days were 42 days and net debt to equity ratio was 14.1%. Both metrics are at healthy levels.
Looking forward to the third quarter, channel inventory levels are expected to stay at a healthy level. Combined with the upcoming traditionally higher season, the demand for panels should continue to improve. The Company will continue to closely observe the end demand and flexibly respond to challenges arising from the macro environment. Furthermore, the Company is determined to develop its panel and vertical business through faster and more efficient execution, in order to strengthen its operational resilience and deliver stable operating results in the long-term.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the second quarter of 2023 was calculated based on the weighted average outstanding shares of the reporting quarter (7,668 million shares).
(3) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.