LG ANNOUNCES “THREE YEAR PLEDGE” FOR OS UPDATES
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By News Reporter
Company Pushes Boundaries With Innovative Business Models
While Balancing Core Operations and Future Growth to Create New Opportunities
SEOUL, April 25, 2024 — LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter.
Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand recovery, LG achieved its highest-ever total revenue for a first quarter. This milestone underscores the effectiveness of implementing sustainable business models like subscription services and leveraging growth opportunities in the promising B2B sector. LG’s emphasis on differentiating features such as AI, energy efficiency and customer-centric design has strengthened its competitiveness in the premium market. Furthermore, the strategic approach of offering diverse product lineups and flexible pricing structures enabled the company to successfully navigate polarized demand trends.
Operating profit surpassed KRW 1 trillion for the fifth consecutive year, showcasing LG’s strong performance in the face of intensifying market competition. The company’s focus on content/service businesses and direct-to-consumer sales via the Online Brand Shop (OBS) has fueled qualitative growth. Efforts to stabilize raw material and logistics costs, coupled with production location flexibility, have further bolstered profitability.
The LG Home Appliance & Air Solution Company generated first-quarter revenue of KRW 8.6 trillion and an operating profit of KRW 940.3 billion. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first-quarter performance. Operating profits reached the second-highest level in the company’s history, with an operating profit margin of 10.9 percent, underscoring the company’s exceptional global competitiveness.
Driven by its core technologies, particularly in motors and compressors, LG’s home appliance business continues to innovate within a mature market landscape. With a commitment to industry leadership, LG is pioneering transformative initiatives such as product subscription services and advancing the concept of ‘Affectionate Intelligence’ appliances. These innovations are tailored to empathize with and address customer needs effectively. Moreover, LG is strategically expanding its B2B ventures, including HVAC and built-in solutions, to capitalize on emerging growth opportunities.
The LG Vehicle component Solutions Company reported first-quarter revenue of KRW 2.66 trillion and an operating profit of KRW 52 billion, reflecting an 11.5 percent year-on-year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily. Despite ongoing investments in overseas production sites to fulfill new orders and meet OEM demands, the company has maintained stable profitability, benefiting from economies of scale resulting from revenue expansion.
While there are expectations of a slight slowdown in the recent growth of EV demand, the demand for high-value-added EV components continues to rise steadily. LG is proactively addressing these market dynamics by developing a balanced portfolio, spanning from in-vehicle infotainment to powertrains and headlamps. The company aims to ensure sustained revenue growth and a stable profit base by actively adapting to these market shifts.
The LG Home Entertainment Company reported first-quarter revenue of KRW 3.49 trillion and an operating profit of KRW 132.2 billion. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in TV demand in Europe and the successful launch of new 2024 models. The positive operating profit was fueled by the robust performance of the webOS content/service business, alongside traditional product sales. Despite challenges such as rising LCD panel prices, the company effectively managed profitability.
Looking ahead, a gradual recovery in the TV market demand is anticipated in the second half of the year. LG’s strategy focuses on leveraging its globally leading OLED TV and premium LCD QNED TV offerings while continuously enhancing the profitability of the webOS platform business, which is poised for rapid growth.
The LG Business Solutions Company reported first-quarter revenue of KRW 1.57 trillion, marking a 6.5 percent increase year-over-year, and an operating profit of KRW 12.8 billion. The launch of new LG gram laptops, featuring on-device AI and timed for graduation and enrollment seasons, garnered positive market feedback. In addition, sales of commercial display products, including electronic whiteboards and LED signage, experienced growth. While operating profit returned to positive territory from the previous quarter, there was a slight decrease compared to the same period last year, attributed to factors such as rising component prices and intensified competition.
This year, the overall IT market is expected to maintain similar demand levels to the previous year, with a slight growth anticipated in the commercial display segment. There is an expected increase in demand for high-spec IT products like gaming monitors and LED signage. LG aims to lead the market with strategic IT products tailored to customer needs, integrating gaming-specific features and OLED displays, alongside premium LED products. Efforts to proactively develop promising new businesses such as robotics and EV charging continue to drive future growth prospects.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on April 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
LG 2024 OLED evo TVs Demonstrate Company’s Dedication to
Sustainability and Highlight Premium Value of LG OLED TVs
SEOUL, Apr. 16, 2024 — LG Electronics (LG) continues to receive recognition for its steadfast commitment to sustainability and eco-conscious practices. LG 2024 OLED evo TVs achieved Reducing CO21 and Measured CO22 certifications from the Carbon Trust3 and Environmentally Evaluated Mark4 from Société Générale de Surveillance SA (SGS), marking the fourth consecutive year of consistent acknowledgement for LG’s ESG initiatives. LG’s newest OLED TVs have also earned their second successive Recycled Content certification5, further demonstrating LG’s sense of environmental responsibility.
The Carbon Trust works to usher the globe into a future of zero carbon emission by assessing the environmental impact of a product’s entire life cycle, from production and distribution to use and disposal. SGS certification focuses on resource efficiency and the presence of hazardous substances, while Intertek measures the percentage of recycled materials used. The organizations’ respective approaches promote responsible consumption practices across diverse industries and contribute to the broader goal of sustainability worldwide.
Notably, the self-lit nature of LG OLED TVs garners significant attention in stringent sustainability evaluations. Unlike LCD TVs, LG OLED TVs do not require a backlight, meaning a simpler structure and fewer necessary components. For instance, LG’s 65-inch OLED evo, made of ultra-light composite fiber, requires only 40 percent of the plastic typically used in an LCD TV of the same size screen and weighs 20 percent less.
Based on the estimated sales of LG OLED TVs this year, the total amount of plastic used in LG OLED TVs from 2022 to 2024 is expected to be 45,000 tons lower than that of LCD TVs sold during the same period. The reduction in plastic usage will lead to a decrease in carbon emissions of approximately 234,000 tons a year, equivalent to the carbon dioxide absorbed by a 30-year-old pine forest. This number translates to one-third of the area of Seoul or about 31,000 soccer fields.
Recycled plastics account for about 20 percent of the plastic used in the manufacturing of all LG TVs, including OLED TVs, equal to around 4,000 tons of recycled waste plastic annually.
Beyond environmental activities, LG’s various ESG initiatives have received praise from reputable domestic and international organizations. In 2023, LG was named in the Dow Jones Sustainability World Index (DJSI World) for the twelfth year in a row. The DJSI World ranks in the top ten percent of the largest 2,500 global companies based on their long-term economic, environmental, social and governance practices. The company’s inclusion on this prestigious list for twelve consecutive years is a significant milestone, as LG is the sole South Korean company in the Leisure Equipment & Products and Consumer Electronics industry category to achieve this feat.
Furthermore, LG has received the ‘Comprehensive A grade’ from the ESG Evaluation and Rating Announcement of Korea ESG Standards Institute (KCGS) for three years running, and last year, the company earned its fourth back-to-back ‘A’ rating from the Morgan Stanley Capital International (MSCI) ESG Rating.
“LG OLED TVs lead the market as the ultimate choice for premium viewing experiences, while also going beyond to set the bar for ESG standards,” said Baik Seon-pill, leader of the LG Home Entertainment Company’s Product Planning Division. “LG will remain devoted to continuing efforts toward creating a better planet for all.”
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1 77/65/55-inch LG OLED evo G4 models.
2 97/83-inch LG OLED evo G4 models and all LG OLED evo C4 models.
3 Only applies to listed products sold in markets/regions participating in the Carbon Trust’s labeling program.
4 All LG OLED evo G4 and C4 models.
5 All LG OLED evo G4 and C4 models.
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By News Reporter
EPA and DOE Recognize LG Electronics for ‘Sustained Excellence’ in
Energy-Efficient Products, Environmental Sustainability Efforts
SEOUL, March 27, 2024 – LG Electronics (LG) has been named 2024 ENERGY STAR® Partner of the Year-Sustained Excellence by the U.S. Environmental Protection Agency and U.S. Department of Energy. This honor recognizes LG’s exemplary commitment to fighting climate change and protecting the environment through leadership in ENERGY STAR certified products and promotions. This marks the 11th time since 2012 that LG has been named Partner of the Year.
“ENERGY STAR supports LG’s ‘Innovation for a Better Life’ brand mission, which means creating a better life for people and a better future for our planet through smart life solutions,” said Chris Jung, president and CEO, LG Electronics North America. “2023 marked an inflection point for LG’s strategy to help drive the electrification movement across America with ENERGY STAR certified products – from heat-pump-enabled HVAC systems, water heaters and clothes dryers to induction cooktops and EV chargers, as well as energy storage and management systems – all enabling broader decarbonization goals.”
The EPA recognized LG for its robust participation in various ENERGY STAR campaigns and promotions, helping to educate tens of millions of American consumers about greener living with LG and ENERGY STAR, driving a record 8.3 billion consumer impressions. The 2024 Partner of the Year award recognizes a number of key LG ENERGY STAR accomplishments last year.
LG was the first to certify induction cooktops and ranges to the new ENERGY STAR cooking specification finalized in October 2023. LG also was ENERGY STAR Partner to certify dishwashers to the ENERGY STAR Version 7 specification, and all new models earned the “ENERGY STAR Most Efficient 2023” designation.
EPA Administrator Michael S. Regan congratulated LG and other ENERGY STAR award winners for “innovation and leadership in delivering cost-effective energy efficient solutions that create jobs, address climate change, and contribute to a healthier environment for all.” He said, “President Biden’s Investing in America agenda creates unprecedented opportunity to build a clean energy economy, and private sector partners through programs like ENERGY STAR are leading the way.”
Each year, the ENERGY STAR program honors a select group of businesses and organizations that have made outstanding contributions to energy efficiency and the transition to a clean energy economy. ENERGY STAR award winners lead their industries in the production, sale and adoption of energy-efficient products, homes, buildings, services and strategies. These efforts have saved more than 5 trillion kilowatt-hours of electricity over the past 30 years.
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By News Reporter
In the ever-evolving world of home entertainment, LG stands as an undeniable leader for its groundbreaking contributions to the global TV market. Dominating the global OLED TV market for 11 consecutive years, the company’s commitment to innovation and excellence shines brighter than ever, with differentiated consumer experiences that distinguish LG TVs from the rest.
According to market research firm Omdia, LG topped the global OLED market last year with shipments totaling 3 million OLED TV units. Boasting an impressive 53 percent share of the global OLED TV market based on shipment, LG has firmly held its premier spot as the undisputed leader of the OLED TV market with an array of form factors and size options.
In an era of “the bigger, the better,” the desire for extra-large, premium TVs continues to rise and last year was no different. Amidst increasing demand, the share of TVs sized 75 inches and above exceeded 20 percent based on revenue in premium TV markets, including North America and Europe.
The shipments of OLED TVs sized 75 inches and above have seen explosive growth, surpassing 25 percent based on revenue in the entire OLED TV market. With an ultra-large model accounting for one out of every four OLED TVs sold, the trend has approached an annual average increase of nearly 70 percent over the last five years, including last year.
LG reaffirms its market dominance with a monumental share approaching 60 percent in total shipments of OLED TVs over 75 inches. LG is actively broadening its lineup of wireless OLED TVs, introducing 97-inch, 83-inch and 77-inch models with its groundbreaking 4K/120Hz wireless transmission solution, extending the availability of wireless OLED TVs while meeting the growing demand for ultra-large premium options in the North American and European markets.
As the demand for premium ultra-large TVs continues to soar, LG is bolstering its OLED TV lineup with an expanded range of wireless OLED TV models as well as elevated picture and audio quality with advanced AI processors, including the α (Alpha) 11 AI processor. LG’s latest OLED TVs will also offer an even more personalized home entertainment experience with the webOS smart TV platform.
The combined shipments of LG’s OLED and LCD TVs last year totaled over 22.53 million units, marking a 16.3 percent share in the global TV market in 2023 based on revenue. With further options that demonstrate the company’s prowess in the global TV market, LG QNED TVs boast LG’s Quantum Dot and NanoCell color technologies for precise and vibrant colors. Driven by these remarkable QNED models, LG ranked second in the quantum dot LCD TV market last year with a 14.7 percent revenue share, excluding LG NanoCell TVs from this figure.
The latest LG QNED TVs feature Mini LED technology and an Alpha 8 AI Processor which boasts a 1.3-fold increase in AI performance compared to its predecessor, the Alpha 7 Gen 6 processor, for more precise gradations of color. With a diverse lineup, customers can select their preferred model with sizes ranging from 43 inches to the massive 98-inch model.
The global TV market’s shipments exceeded 201 million last year overall, a slight decrease compared to the previous year. LCD TV shipments remained below 200 million units for the second consecutive year, while OLED TV shipments, including LG’s, reached 5.6 million units.
Discover the most recent updates in the home entertainment industry and explore LG’s cutting-edge innovations by visiting the
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By News Reporter
LG Smart TV Users Gain Free Access to Wide Selection of Apple Originals,
Hit Shows and Feature Films for Limited Time Only
SEOUL, Feb. 6, 2024 — LG Electronics (LG) is offering access to three months of Apple TV+ free to eligible LG Smart TV users in 93 countries.1 The 3-month free trial is available within the Apple TV app of compatible 4K and 8K LG Smart TVs (2018 models and later), along with lifestyle screen models StanbyME and StanbyME Go. This limited-time offer will be in effect from February 6 to April 30.2
Apple TV+ offers premium series, compelling drama and comedy series, captivating feature films, groundbreaking documentaries, and kids and family entertainment. Apple TV+ offers acclaimed, global hit series such as “Monarch: Legacy of Monsters,” “Masters of the Air,” “Silo,” “Hijack,” “The Morning Show,” “Foundation,” “Slow Horses” and multi-Emmy Award-winning “Ted Lasso,” as well as award-winning Apple Original Films including the ten-time Academy Award nominated “Killers of the Flower Moon,” from Martin Scorsese and historic Oscar Best Picture winner “CODA.”
LG’s industry-leading TVs feature Dolby Vision and Dolby Atmos to deliver superb home entertainment and LG Smart TV users can enjoy Apple TV+ in 4K with Dolby Vision and Dolby Atmos.3 The company’s 2024 premium TVs4 are industry first to support both Dolby Vision and Filmmaker Mode, a cinematic experience available with Apple TV+ titles mastered in Dolby Vision.
LG is committed to elevating the viewing experience to a new height by offering an extensive array of content and services, class-leading picture quality and immersive audio. LG Smart TV users can effortlessly tap into the full suite of content and services offered by LG Smart TVs with the versatile and user-friendly webOS platform.
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1 Available in Australia, New Zealand, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, Sri Lanka, Thailand, Taiwan, India, Korea, Austria, Belgium, Luxembourg, Netherlands, Czech Republic, Slovenia, Slovakia, Germany, Switzerland, Spain, France, Cyprus, Greece, Italy, Malta, Estonia, Latvia, Lithuania, Bulgaria, Hungary, Poland, Portugal, Denmark, Finland, Norway, Sweden, Ireland, United Kingdom, US, Canada, Argentina, Colombia, Chile, Mexico, Bolivia, Paraguay, Peru, Belize, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Honduras, Nicaragua, Panama, Puerto Rico, Trinidad and Tobago, Venezuela, Brazil, Belarus, Ukraine, Gambia, Ghana, Uganda, Egypt, Armenia, Azerbaijan, Oman, Qatar, United Arab Emirates, Jordan, Lebanon, South Africa, Saudi Arabia and Israel. Additionally available in Bermuda, the Bahamas, the Cayman Islands, Saint Kitts and Nevis, Moldova, Mongolia, Tajikistan, Mauritius, Niger, Guinea-Bissau and Turkmenistan for models ranging from webOS22 to webOS 24.
2 Offer ends April 30. Redemption dates for select 12 countries (Bermuda, the Bahamas, the Cayman Islands, Saint Kitts and Nevis, Moldova, Mongolia, Tajikistan, Mauritius, Niger, Guinea-Bissau and Turkmenistan) is from February 20 for TVs running webOS 22 and March 4 for TVs running webOS 23. This offer is available on 2018-2024 LG 4K and 8K Smart TV models, StanbyME, and StanbyME Go in the Apple TV app. Availability of StanbyME and StanbyME Go may vary by region. Valid only for new subscribers to Apple TV+ in your region. Limit one offer per TV and Apple ID. Plan automatically renews at your region’s price per month until cancelled. Requires Apple ID with payment method on file. Payment will be billed to payment method on file and can be cancelled anytime at least a day before each renewal date in your service account settings. Terms and Apple Privacy Policy apply; see the applicable terms at www.apple.com/legal/internet-services/itunes/us/terms.html. Must be the minimum age required in your country and in the country that matches the store front on which you are redeeming the offer. Compatible products and services required. Cannot be combined with other offers providing access to the same service. Apple TV+ is a service mark of Apple Inc.
3 Not all content is available in 4K or 4K HDR. 4K resolution requires a 4K‑capable device. Accessing Dolby Atmos and Dolby Vision features requires a Dolby Atmos and Dolby Vision capable system. Playback quality will depend on hardware and internet connection.
4 Dolby Vision and Filmmaker Mode is available on LG’s 2024 OLED TV, QNED TV 90, QNED TV 91 and QNED 99 series. Automatic Filmmaker Mode experience is available on Apple TV+ on LG Smart TV models running webOS 6.0 and later.
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