2014/10/29
Coretronic Corporation Announces Third Quarter 2014 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the third quarter of 2014. For the third quarter ended Sept. 30, 2014, Coretronic posted consolidated sales revenue of NT$21,678 million, up 3% QoQ and 15% YoY respectively. Operating income was reported at NT$1,101 million with a net income of NT$1,078 million, up 71% and 110% YoY respectively. Net income attributable to equity holders of the parent company was NT$1,032 million with the basic EPS of NT$1.85 per common share based on the total weighted average outstanding shares and NT$1.90 calculated on the basis of Sept. 30, 2014 outstanding shares. For the first three quarters of 2014, Coretronic reported consolidated sales revenue of NT$61,827 million and the operating income totaled NT$2,795 million with a net income of NT$2,405 million. Net income attributable to equity holders of the parent company was NT$2,295 million with the basic EPS of NT$3.43 per common share based on the total weighted average outstanding shares and NT$4.23 calculated on the basis of Sept. 30, 2014 outstanding shares.
“For 3Q14, the BLU shipment was 26.3 million units, up 19% QoQ, mainly due to strong demand from Tablet and NB models, up 52% and 9% QoQ respectively. The BLU revenue amounted to NT$15,278 million, up 4% QoQ. For the first three quarters of 2014, the BLU shipment was 69.5 million units and revenue amounted to NT$43,329 million, up 23% and 25% respectively” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 4Q14, the demand of TV and Tablet BLU will be decreased QoQ due to open cell shortage and old model EOL. However, thanks to NB and Monitor BLU shipment with continuous demand from new models, the overall shipments will drop single digit QoQ.” said Sarah Lin. For the whole year of 2014, Sarah Lin expects the TV models with 15% YoY growth, NB models will grow up 30% YoY while Tablet models with 30%~40% YoY growth, Monitor models shipment will be flat. Expect the overall BLU shipment with around 20% YoY growth in 2014.
“For 3Q14, the shipment of Projector products was 325K units and the sales revenue was NT$4,096 million, up 11% and 8% QoQ respectively. This was resulting from significant shipment growth across 1080P and WUXGA models. For the first three quarters of 2014, Projector shipment was 880K units and revenue amounted to NT$11,174 million, up 22% and 17% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic.Look into 4Q14, SY Chen points out that the forecast shipment is conservative due to customer inventory control. Therefore, Coretronic expects the monthly shipment quantity is 90K~100K units in 4Q14. “Coretronic expects more than 15% YoY shipment growth in 2014.” said SY Chen.
“For 3Q14, the BLU shipment was 26.3 million units, up 19% QoQ, mainly due to strong demand from Tablet and NB models, up 52% and 9% QoQ respectively. The BLU revenue amounted to NT$15,278 million, up 4% QoQ. For the first three quarters of 2014, the BLU shipment was 69.5 million units and revenue amounted to NT$43,329 million, up 23% and 25% respectively” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 4Q14, the demand of TV and Tablet BLU will be decreased QoQ due to open cell shortage and old model EOL. However, thanks to NB and Monitor BLU shipment with continuous demand from new models, the overall shipments will drop single digit QoQ.” said Sarah Lin. For the whole year of 2014, Sarah Lin expects the TV models with 15% YoY growth, NB models will grow up 30% YoY while Tablet models with 30%~40% YoY growth, Monitor models shipment will be flat. Expect the overall BLU shipment with around 20% YoY growth in 2014.
“For 3Q14, the shipment of Projector products was 325K units and the sales revenue was NT$4,096 million, up 11% and 8% QoQ respectively. This was resulting from significant shipment growth across 1080P and WUXGA models. For the first three quarters of 2014, Projector shipment was 880K units and revenue amounted to NT$11,174 million, up 22% and 17% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic.Look into 4Q14, SY Chen points out that the forecast shipment is conservative due to customer inventory control. Therefore, Coretronic expects the monthly shipment quantity is 90K~100K units in 4Q14. “Coretronic expects more than 15% YoY shipment growth in 2014.” said SY Chen.
