LG Display Reports Fourth Quarter 2024 Results

LG Display reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending Dec. 31, 2024.

Revenues in the fourth quarter of 2024 increased by 15% to KRW 7,833 billion ($5.45 billion) from KRW 6,821 billion in the third quarter of 2024 and increased by 6% from KRW 7,396 billion in the fourth quarter of 2023.

Operating profit in the fourth quarter of 2024 recorded KRW 83.1 billion ($58 million). This compares with the operating loss of KRW 80.6 billion in the third quarter of 2024 and with the operating profit of KRW 132 billion in the fourth quarter of 2023.

EBITDA profit in the fourth quarter of 2024 was KRW 1,306 billion ($910 million), compared with EBITDA profit of KRW 1,162 billion in the third quarter of 2024 and with EBITDA profit of KRW 1,272 billion in the fourth quarter of 2023.

Net loss in the fourth quarter of 2024 was KRW 839 billion ($580 million), compared with the net loss of KRW 338 billion in the third quarter of 2024 and with the net income of KRW 50.5 billion in the fourth quarter of 2023.

LG Display reported its 2024 annual earnings results with consolidated annual revenues of KRW 26.6 trillion ($19 billion) and an operating loss of KRW 560.6 billion ($390 million), which was reduced by about KRW 2 trillion year-on-year.

Revenues increased by 25% year-on-year as the company’s OLED-centered business structure enhancement led to a visible performance improvement. The proportion of OLED products driving total revenues increased by 7% year-on-year to reach 55%.

In terms of profitability, LG Display was able to significantly reduce its operating loss compared to the previous year by focusing on cost reduction and operational efficiency activities across the company alongside the raised performance of its OLED-centered business.

In particular, the proportion of fourth-quarter revenues for which OLED products were responsible jumped to a record high of 60% amid rising OLED panel shipments for smartphones. TV panels accounted for 22% of revenues in the fourth quarter, those for IT devices including monitors, laptops, and tablet PCs accounted for 28%, panels for mobiles and other devices accounted for 42%, and automobile panels accounted for 8%.

“Despite greater market volatility than ever, we are focusing our capabilities on continuing to improve our business performance via advancing our OLED-centered business structure and strengthening profitability through intensive cost-innovation activities,” said Sung-hyun Kim, CFO and EVP of LG Display. “We will turn around our annual earnings by further enhancing our business competitiveness.”