AUO Reports 3Q10 Financial Results

AU Optronics Corp. (2409) recently announced its unaudited results for 3Q10. The company posted consolidated revenue of NT$124,403 million (about US$3,989 million), down 3.3% from 2Q. Gross profit stood at NT$6,241 million (about US$200 million), with the gross margin of 5.0%. Operating profit arrived at NT$232 million (about US$7 million), with the operating margin of 0.2%. AUO's net income for 3Q came in at NT$227 million (approximately US$7 million) after tax. Net Income attributable to equity holders of the parent company was NT$98 million (about US$3 million), with basic EPS of NT$0.01 per common share (US$0.004 per ADR).

For the first nine months of 2010, AUO reported consolidated revenues of NT$364,553 million (about US$11,688 million), with net income of NT$18,747 million (US$601 million) after tax or basic EPS of NT$2.06 per common share (US$0.66 per ADR).

For 3Q, AUO's large-sized panels exceeded 28.67 million units, down 3.2% quarter-over-quarter but up 7.4% year-over-year. Shipments of small- and medium-sized panels reached around 55.59 million units, up 0.3% quarter-over-quarter but down 14.2% year-over-year. For the first nine months of 2010, AUO's large-sized panels totaled about 85.52 million units and small- and medium-sized panels topped 168 million units.

A leader of AUO noted, thanks to the dual strategy for product value optimization and product portfolio adjustments, AUO average selling price per square meter dropped by merely 6.5% from 2Q. The company could remain operating margin positive for 3Q, and continued to sustain comparative advantage in terms of EBITDA margin. Meanwhile, UFO adjusted its capacity utilization rates, and its inventory turnover days improved from 43 days last quarter to 40 days at the end of 3Q.

Look into 4Q, AUO would continuously adjust its capacity utilization rates based on market demands. They expected continuously provide high value-added products and innovative R&D and technology to enhance their capacity values, strengthen the long-term customer relations, and achieve better synergies in the alliances with customers.

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