ANSAN, South Korea--(BUSINESS WIRE)--Seoul Semiconductor Co., Ltd. (KOSDAQ:046890), a market leader in LED design and manufacturing, today announced consolidated second-quarter revenues of 290 billion KRW meeting its guided range of 280 ~ 300 billion KRW. Operating income recorded 18 billion KRW and EBITDA recorded 45 billion KRW.
During the second-quarter, TV division sales rose significantly YoY and is expected to maintain growth in the third-quarter. Mobile division sales is also expected to rise significantly in the upcoming third and fourth quarter leading to continued growth of sales for its IT division maintaining its high growth rate since 2017.
Automotive lighting sales also showed strong growth across all regions. The company’s promotion of its package less WICOP for automotive headlamp application gained further traction resulting in foreign car makers adapting its technology for cars scheduled to be mass produced in next year and in 2021.
Operating profit margin recorded 6% for the second-quarter. The company expects ramp up from its new manufacturing plant in Vietnam to gain further stability leading to higher utilization rate in the third-quarter to meet high season demand and lead to improved profitability.
Seoul provided sales guidance of 300 to 320 billion KRW for the upcoming third-quarter maintaining its QoQ and YoY growth.
Sangbum Kim, Chief Financial Officer, has stated that the company was able to achieve sales growth in this quarter despite of low seasonality and this trend is expected to continue throughout the remainder of the year as we witness sales of differentiated products such as the SunLike, Wicop and Acrich lead to improved utilization and Vietnam plant contribute to higher utilization once fully set up, once again challenging to beat last year’s record sales.
About Seoul Semiconductor
Seoul Semiconductor develops and commercializes LEDs for automotive, general illumination, specialty lighting, and backlighting markets. As the fourth-largest LED manufacturer globally, Seoul Semiconductor holds more than 12,000 patents, offers a wide range of technologies, and mass produces innovative LED products such as SunLike – delivering the world’s best light quality in a next-generation LED enabling human-centric lighting optimized for circadian rhythms; WICOP – a simpler structured package-free LED which provides market leading color uniformity and cost savings at the fixture level, providing high lumen density and design flexibility; NanoDriver Series – the world’s smallest 24W DC LED drivers; Acrich, the world's first high-voltage AC-driven LED technology developed in 2005, including all AC LED-related technologies from chip to module and circuit fabrication, as well as multi-junction technology (MJT); and nPola, a new LED product based on GaN-substrate technology that achieves more than ten times the output of conventional LEDs. UCD constitutes a high color gamut display which delivers more than 90% NTSC. To learn more, visit www.seoulsemicon.com.
This press release material contains forward-looking statements which reflect Seoul Semiconductor’s current views with respect to future events and financial performance, which are subject to certain risks and uncertainties which could cause actual results to differ materially from those anticipated. Although Seoul Semiconductor believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. Seoul Semiconductor undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All financial figures are consolidated unless stated otherwise.