The company said consolidated revenue for 2023 decreased 10.5% compared with 2022, and core sales decreased 10.0%. It cited lower demand for products related to COVID-19 as the main factor. The company said currency translation reduced sales by 1.0% and acquisitions added 0.5%.

10-KAnnual reportFiled Feb 21, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said consolidated revenue for 2023 decreased 10.5% compared with 2022, and core sales decreased 10.0%. It cited lower demand for products related to COVID-19 as the main factor. The company said currency translation reduced sales by 1.0% and acquisitions added 0.5%.
The company said its operating profit margin for 2023 was 21.8%, lower than 28.3% in 2022. It cited lower core sales, product mix, inventory-related charges and reduced leverage in the cost structure as factors, and put the impact of these factors at 575 basis points.
The company said net earnings from continuing operations for 2023 were approximately $4.2 billion, compared with approximately $6.3 billion for 2022. Net earnings attributable to common stockholders were approximately $4.7 billion ($6.38 per diluted share), compared with approximately $7.1 billion ($9.66 per share) in 2022.
The company said cash flow from continuing operations for 2023 was approximately $6.5 billion, down approximately $1.1 billion or 15% from 2022. The company said it held approximately $5.9 billion in cash and cash equivalents as of December 31, 2023.

Key figures

Fiscal year ended December 31, 2023

Revenue: $23.9B
Operating income: $5.2B
Net income: $4.8B
EPS: $6.38
Gross profit: $14.0B
Operating cash flow: $7.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

2023 Revenue and Core Sales Decline

The company said consolidated revenue for 2023 decreased 10.5% compared with 2022, and core sales decreased 10.0%. It cited lower demand for products related to COVID-19 as the main factor. The company said currency translation reduced sales by 1.0% and acquisitions added 0.5%.

Source · Based on the MD&A text of the filing

2023 Operating Margin 21.8%

The company said its operating profit margin for 2023 was 21.8%, lower than 28.3% in 2022. It cited lower core sales, product mix, inventory-related charges and reduced leverage in the cost structure as factors, and put the impact of these factors at 575 basis points.

Source · Based on the MD&A text of the filing

2023 Net Earnings and Diluted EPS

The company said net earnings from continuing operations for 2023 were approximately $4.2 billion, compared with approximately $6.3 billion for 2022. Net earnings attributable to common stockholders were approximately $4.7 billion ($6.38 per diluted share), compared with approximately $7.1 billion ($9.66 per share) in 2022.

Source · Based on the MD&A text of the filing

2023 Operating Cash Flow and Cash Balance

The company said cash flow from continuing operations for 2023 was approximately $6.5 billion, down approximately $1.1 billion or 15% from 2022. The company said it held approximately $5.9 billion in cash and cash equivalents as of December 31, 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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