Benzinga | Jan 27, 2021 03:56PM EST

LG Display Beats On Q4 Earnings, Clocks Record EBITDA, Expects High Single-Digit Decline In Q1 Blended ASP

* LG Display Co Ltd. (NYSE: LPL) posted year-on-year revenue growth of 16% to $6.74 billion (KRW 7,461 billion) in the fourth quarter of FY20, beating Street estimates by $20 million.

* Global remote working trends led to robust demand for TV and IT products, catapulting into higher shipments for both large-size OLED (Organic Light Emitting Diode) and P-OLED (Polymer Light-Emitting Diodes).

* The panel area shipment rose by 5%, and the ASP (average selling price) per square meter climbed by 12% quarter-on-quarter.

* Strong shipments, swelling panel prices, and the Guangzhou OLED plant going into full-scale production translated into an operating profit growth of 62% to $618.4 million (KRW 685 billion).

* The EBITDA rose by 203% to $1.6 billion (KRW 1,774 billion).

* The net income stood at KRW 621 billion ($560.7 million) versus a net loss of KRW 1,817 billion ($1.64 billion) last year.

* The EPS stood at KRW 1,735 ($1.57), exceeding consensus estimates by $1.28 and compared to a loss per share of KRW 5,078 ($4.59) in Q4FY19.

* LG projected a flat area shipment on a quarter-on-quarter basis and a high single-digit decline in blended ASP for Q1FY21 due to the industry's seasonality.

* Price action: LG shares were lower by 6.51% at $9.76 on the last check Wednesday.