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Samsung Electronics Announces First Quarter Results

[By NBC-1TV H. J Yook]Samsung Electronics Co., Ltd. today announced revenues of 53.68 trillion Korean won on a consolidated basis for the first quarter ended March 31, 2014. Samsung’s revenue slipped 9 percent quarter-on-quarter due to weaker seasonality but saw gains compared with the same period last year.

For the quarter, the company posted consolidated operating profits of 8.49 trillion won, representing a 2-percent increase on-quarter. Consolidated net profit for the quarter increased by 270 billion won to 7.57 trillion won.

In its earnings guidance disclosed on April 8, Samsung estimated first quarter consolidated revenues would reach approximately 53 trillion won with consolidated operating profit of approximately 8.4 trillion won.

Although market demand for electronics devices such as smartphones and tablets in the January-March quarter is traditionally slow, profit margins for Samsung’s IT & Mobile Communications (IM) division were driven by strong demand for smartphones and efficient management of marketing expenses, as well as a net positive impact from adjustments to reserve items that accounted for 1 percent of the mobile unit’s revenue.

Despite the overall decline in market demand, the Semiconductor Business continued its solid profitability momentum driven by the expansion of the 20-nanometer-class process migration and a greater appetite for DRAMs used in servers and for graphics solutions.

Samsung is expected to see profits rally in the second quarter and beyond, on the back of improved sales of display panels and home appliances. Orders for display panels that are used for premium smartphones and TVs are expected to increase, as new mobile devices are rolled out into the market and as consumers look forward to the upcoming World Cup in Brazil. The outlook for household appliances will also pick up on seasonal demand for air conditioners, as well as orders for high-end TVs based on the World Cup effect.

To sustain growth throughout this year and in 2015 Samsung will strengthen its core business areas with differentiated products through expansion of the next generation V-NAND market by honing in on not only the enterprise business but also the consumer-focused SSD market. For System LSI, Samsung expects to gain a competitive edge with application processors with 14-nanometer process technology.

Samsung is also poised to expand its new product categories such as wearable devices, strengthen its B2B business footprint through Knox and in the education market and make advancements in its ecosystem for device connectivity.

“While developed markets are expected to lead global economic recovery, macroeconomic uncertainties, such as currency fluctuation in emerging markets due to QE tapering in the US, are expected to continue in 2014,” said Robert Yi, Senior Vice President and Head of Investor Relations. He said, however, “we expect our overall earnings to improve starting from the second quarter, driven by improvements in the Display Panel segment and the Consumer Electronics division in conjunction with steady growth momentum in mobile and memory businesses.”



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