Satisfactory semiconductor performance paled into insignificance, Samsung Electronics records KRW 4.06 trillion in operating incomes for Q3

Kim Seung-gyu | seung@etnews.com Kim Joon-bae | joon@Park Jeong-eun | Kim Joon-bae Jeong Jin-wook | Oct 31, 2014

Samsung Electronics’ quarterly operating incomes fell to early KRW 4 trillion level in three years. Although semiconductor division pulled up a good fight, smart phone and home appliances divisions recorded a fall in their performances as a result of the intensification of global competition and the ripple effects of global economic stagnation. Samsung Electro-Mechanics also turned to an operating deficit due to the slow performance of Samsung Electronics’ smart phone business.

Samsung Electronics announced on the 30th that it had recorded KRW 4.06 trillion in operating incomes for the third quarter. The operating incomes of IT Mobile (IM) Division, which handles smart phone business and started the era of KRW 10 trillion in quarterly operating incomes, were only KRW 1.75 trillion. Consumer Electronics (CE) Division manufacturing TVs and home appliances also displayed a slow performance to record operating incomes of KRW 50 billion. As for Display and Semiconductor (DS) Division, it realized the operating incomes of KRW 2.26 trillion as a result of successful performances in semiconductor field. Despite the performance deterioration, Samsung Electronics will keep the investment scale for this year in the mid-KRW 24 trillion as planned. The scale of facility investment in the third quarter is KRW 4.3 trillion, and thus the company’s accumulative investment amount for this year is KRW 14.5 trillion.

◇IM’s fall in Q3

Samsung Electronics IM Division produced the worst result in the last three years. The company evaluated internally that it had failed to respond to the rapidly changing market conditions properly. IM Division’s sales for the third quarter are KRW 24.58 trillion, which fell by 14% from the previous quarter. Operating incomes for the same period are KRW 1.75 trillion, which are considerably lower than KRW 4.42 trillion in the previous quarter. IM Division’s operating incomes decreased continuously since KRW 6.7 trillion in the third quarter last year, and thus fell below KRW 2 trillion in only one year. This is the first time IM Division’s operating incomes fell below KRW 2 trillion in three years since the second quarter of 2011 in which the division recorded KRW 1.7 trillion in operating incomes.

Although the sales volume for mobile phones including smart phones increased, the average selling price (ASP) dropped considerably as a result of increase in the percentage of medium to low-end phones. “ASP fell as the percentage of medium to low-end products increased and prices of the existing models were lowered,” said Executive Director Lee Myeong-jin in charge of Samsung Electronics’ IR. “Marketing cost also increased. So, the performance deteriorated from the previous quarter.”

◇ Expectations for premium TV and home appliances

The operating incomes of KRW 50 billion from CE Division in the third quarter are lower by as much as 85% from the same period last year (KRW 350 billion). Although performance deterioration had been expected for both TV and home appliances as it was an off-season and the special World Cup season ended, the operating income reduction is received as an ‘earning shock’ in comparison to the steady performances in the past. In particular, considering that the company won favorable responses in the market for TVs with its ‘curved’ and ‘ultra high-definition’ strategies working, some analyze that the performance deterioration may cast a dark cloud over the company’s profitability in the days to come. Despite the sales expansion and reinforcement of its position as a leader in TV market, Samsung Electronics explained that it had suffered limitations in securing performances as a result of the impact of ‘selling price drop’ and ‘the strong trend of panel.’ “We forecast that UHD TV market will open fully this year. As panel industry turned to UHD panel, the selling price of full HD panel has increased considerably,” said a stock market source. “As full HD continued to form a mainstream in the market, TV makers experienced difficulty in securing profitability.”

◇ Semiconductor boom continues, DS anticipating TV sales expansion in Q4

Operating incomes of DS Division to handle semiconductor and display business were KRW 2.33 trillion, which improved from the previous quarter (KRW 2.09 trillion). Despite overall stagnation, DS continued on a solid growth.

In particular, semiconductor business produced satisfactory outcome despite the poor performance overall by recording KRW 2.26 trillion in operating incomes. While high-season demand was solid for strategic memory semiconductor products, performance improved as high-tech process shift was completed. As for DRAM, profitability was improved through expansion of mobile demand while the percentage of 20 nano was increasing. In relation to NAND Flash, mobile and large-scale SSD sales expansions were observed. However, system LSI displayed a slowing down in its performance as a result of the impact of AP demand reduction and LSI parts inventory adjustment in suppliers.

◇ Fallen into deficit, Samsung Electro-Mechanics expects turnaround in Q4

Samsung Electro-Mechanics also suffered a direct blow of slow smart phone business of Samsung Electronics, its key customer. The performance, which had displayed a slight recovery early this year, turned to a considerable deficit in only three quarters. This company recorded KRW 1.7217 trillion of sales and KRW 69.1 billion in operating losses for the third quarter. Compared to the previous quarter and the same period last year, sales decreased by 7% and 19% respectively. As for operating profit, it turned to a deficit. Samsung Electro-Mechanics explained that its management indicators fell as a result of the impact of exchange rate as well as key customers’ demand for flagship models decreasing and selling price dropping according to increased competition under the circumstances of premium smart phone market growth stagnation.

Kim Seung-gyu | seung@etnews.com

Kim Joon-bae | joon@etnews.com

Park Jeong-eun | jepark@etnews.com

Jeong Jin-wook | jjwinwin@etnews.com

빛바랜 반도체 선전…삼성전자 3분기 영업이익 4조600억

삼성전자가 3년 만에 분기 영업이익 4조원대 초반으로 하락했다. 반도체 사업부는 선전했지만 스마트폰과 생활가전 사업부는 글로벌 경쟁 심화와 경기 침체 여파로 실적이 악화됐다. 삼성전기도 삼성전자 스마트폰 실적 부진 여파로 영업 적자로 돌아섰다.

삼성전자는 3분기 영업이익이 4조600억원을 기록했다고 30일 밝혔다. 분기 영업이익 10조원 시대를 연 스마트폰 담당 IT모바일(IM) 부문의 영업이익이 1조7500억원에 그쳤다. TV와 생활가전을 만드는 소비자가전(CE) 부문 영업이익도 500억원으로 부진했다. 부품(DS)부문은 반도체 부문의 실적 호조로 2조2600억원의 영업이익을 시현했다. 삼성전자는 실적 악화에도 올해 투자 규모를 계획대로 24조원 중반대를 유지한다. 3분기 시설투자 규모는 4조3000억원으로, 올해 누계로 14조5000억원을 집행했다.

◇IM, 3분기 추락

삼성전자 IM(IT모바일)사업부는 최근 3년래 최악의 성적표를 받았다. 삼성전자 스스로 급변하는 시장상황에 신속하게 대응하지 못했다고 자평했다. IM사업부의 3분기 매출은 24조5800억원으로 전 분기 대비 14% 하락했다. 같은 기간 영업이익은 1조7500억원으로 전 분기 기록한 4조4200억원을 크게 밑돌았다. IM사업부 영업이익은 지난해 3분기 6조7000억원을 올린 이후 지속 하락해 1년 만에 2조원 밑으로 떨어졌다. 영업이익이 2조원 밑으로 떨어진 건 1조7000억원에 그친 지난 2011년 2분기 이후 3년 만이다.

스마트폰을 포함한 휴대폰 판매량은 늘었지만 중저가폰 비중이 늘면서 평균 판매가격(ASP)이 크게 하락했다. 이명진 삼성전자 IR 담당 전무는 “중저가 제품 비중이 늘고 기존 모델은 가격을 내리면서 ASP가 하락했다”며 “마케팅 비용도 늘어나 전 분기 대비 실적이 하락했다”고 설명했다.

◇TV?생활가전 프리미엄 효과에 기대

3분기 CE부문 영업이익 500억원은 지난해 동기(3500억원)와 비교해 85%나 축소된 수치다. TV와 생활가전제품 모두 월드컵 특수 종료와 비수기로 실적 악화가 예상됐지만 그동안의 꾸준한 성과와 비교하면 ‘어닝쇼크(실적 충격)’란 반응이다. 특히 최근 TV에서 ‘곡면(커브드)’과 ‘초고화질(UHD) 해상도’ 전략이 통하며 시장에서 호평을 받았던 것을 고려하면 앞으로의 수익성에도 암운이 드리운 게 아니냐는 분석이다. 삼성전자는 TV에서 판매 확대와 선도 업체 위상 강화에도 불구하고 ‘판매가격(판가) 하락’과 ‘패널 강세’ 영향으로 실적 확보에 한계를 겪었다고 설명했다. 증권가의 한 관계자는 “올해 UHD TV시장이 크게 열릴 것으로 보고 패널업계가 UHD 패널로 방향을 틀면서 풀HD 패널 판매가격이 많이 올랐다”며 “시장에 풀HD가 여전히 주류를 형성하면서 TV제조사가 수익성 확보에 어려움을 겪었다”고 전했다.

◇반도체 호황 지속, 디스플레이 4분기 TV 판매확대에 기대

반도체와 디스플레이를 맡는 DS(부품) 부문 영업이익은 2조3300억원으로 지난 분기(2조900억원)보다 실적이 개선됐다. 전반적인 부진에도 불구하고 DS의 견조한 성장을 이어갔다.

특히 반도체는 2조2600억원의 영업이익을 올려 전반적인 실적 부진 상황에서 좋은 성과를 냈다. 주력 메모리반도체에서 성수기 수요가 견조한 가운데 첨단 공정전환이 이뤄지면서 실적이 개선됐다. D램은 20나노급 비중이 커지는 가운데 모바일 수요 확대로 수익성을 높였다. 낸드플래시는 모바일과 대용량 SSD의 판매확대가 나타났다. 다만 시스템LSI는 AP 수요감소와 거래처LSI 부품 재고조정 영향으로 실적이 둔화됐다.

◇적자전환 삼성전기, 4분기 턴어라운드 예상

삼성전기도 주 거래처인 삼성전자 스마트폰 사업 부진에 직격탄을 맞았다. 올해 들어 소폭 회복세를 보이던 실적이 3분기 만에 큰 폭 적자로 돌아섰다. 3분기 매출 1조7217억원, 영업손실 691억원을 기록했다. 매출은 전 분기 대비 7%, 작년 동기 대비 19% 감소했고, 영업익은 적자를 기록했다. 회사 측은 프리미엄 스마트폰 시장의 성장둔화 흐름 속에서 주요 거래처 플래그십 모델 수요 감소와 경쟁심화에 따른 판가인하, 환율 영향 등이 더해져 경영지표들이 하락했다고 설명했다.

김승규기자 | seung@etnews.com

김준배기자 | joon@etnews.com

박정은기자 | jepark@etnews.com

정진욱기자 | jjwinwin@etnews.com

Interpretation & Translation_Service Center

Refund Help Center