Quantcast
Jump to content

LG ANNOUNCES FIRST-QUARTER 2021 FINANCIAL RESULTS


News Reporter

Recommended Posts

Highest Quarterly Revenue and Operating Profit in Company’s History

A picture of LG Twin Towers in the daytime

SEOUL, Apr. 29, 2021 — LG Electronics Inc. (LG) today announced first-quarter 2021 consolidated sales of KRW 18.81 trillion (USD 16.90 billion) and operating profit of KRW 1.52 trillion (USD 1.36 billion) – the highest quarterly results in the company’s history with the 8.1 percent operating profit being a first-quarter record. Compared with the first quarter a year ago, revenues grew by 27.7 percent and profitability soared by 39.1 percent, reflecting very strong demand for LG home appliances and home entertainment products as consumers around the world continue to spend more time at home.

The LG Home Appliance & Air Solution Company generated first-quarter sales of KRW 6.71 trillion (USD 6.03 billion), an increase of 23.8 percent from the previous year. Operating profit of KRW 919.90 billion (USD 826.39 million) was 22.1 percent higher than the first quarter last year. For the second consecutive quarter the appliance business division saw significant growth year-on-year in North America and Europe as well as in its home market of South Korea where the rental business is particularly healthy. Profitability was accompanied by stable growth led by strong sales of premium products in North America and Europe. The business unit expects to see continued growth by expanding overseas sales in new products.

The LG Home Entertainment Company recorded sales of KRW 4.01 trillion (USD 3.60 billion) in the first quarter, an increase of 34.9 percent from the same period a year ago. Operating income grew 23.9 percent year-on-year to KRW 403.80 billion (USD 362.75 million), buoyed by strong sales in North America and Europe. Premium products led by OLED and NanoCell TVs continued to experience strong demand as the pandemic effect continued in most of the world. To maintain this success in 2021, LG will continue to enhance its premium product lineup, further expand online sales, optimize resources and streamline asset management.

The LG Mobile Communications Company reported sales in the first quarter of KRW 998.70 billion (USD 897.18 million) with an operating loss of KRW 280.10 billion (USD 251.63 million). Operating loss deteriorated 28 percent from the same quarter a year ago due to the lack of new products in light of the public announcement earlier this month that LG will exit the smartphone business at the end of July. Profit and loss for discontinued operations – including a breakdown of continuing and discontinued operations – will be included in the second quarter results.

The LG Vehicle component Solutions Company achieved first-quarter sales of KRW 1.89 trillion (USD 1.70 billion), an increase of 43.5 percent from the same period last year. Operating loss narrowed to KRW 700 million (USD 629,000), which can be attributed to the recovery of the automotive sector in North America and Europe as well as increased revenues from new projects in the e-Powertrain and infotainment sectors and better cost management.

The LG Business Solutions Company saw improved first-quarter revenues of KRW 1.86 trillion (USD 1.67 billion), an increase of 9.1 percent from a year ago and 23.6 percent higher than the previous quarter largely on the back of strong demand for products such as monitors and PC products in the era of remote working and online learning. Operating profit of KRW 134 billion (USD 120.38 million) declined from the same quarter last year due to the increasing cost of components such as LCD panels and semiconductors.

2021 1Q Exchange Rates Explained

LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2021. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,113.16 per USD.

Earnings Conference and Conference Call

LG Electronics will hold a Korean / English conference call on April 29, 2021 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to to receive a private PIN number then call +82 31 810 3130 and enter passcode 6418# and the private PIN number. The audio webcast of the call will be available for streaming as well. The corresponding presentation file can be downloaded from the LG Electronics before the call.

# # #

link hidden, please login to view

Link to comment
Share on other sites

  • Replies 0
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By News Reporter
      Recognized for ‘Sustained Excellence’ in Environmental Sustainability,
      LG Also Wins EPA’s Emerging Technology Award

      SEOUL, May 5, 2022 – LG Electronics (LG) has been named 2022 ENERGY STAR® Partner of the Year-Sustained Excellence by the U.S. Environmental Protection Agency (EPA). This prestigious honor, a distinction LG has received nine times since 2012, recognizes the company’s exemplary commitment to protecting the environment through leadership in ENERGY STAR certified products and promotions.
      In addition to the Partner of the Year Award, LG received the ENERGY STAR Emerging Technology Award last month with the EPA honoring 43 LG refrigerator-freezer models, more than any other brand. The award-winning models feature advanced adaptive compressors and use R-600a, a refrigerant with very low global-warming potential (GWP).
      Refrigerators that earn this environmental distinction outperform the federal minimum standard by at least 25 percent when the compressor is in adaptive mode compared to when the compressor is in a fixed-speed mode. Recognized products also contain low GWP (below 15) refrigerant and foam. Inverter Linear Compressor* found in LG’s refrigerator lineups efficiently keep food fresh longer and noise levels lower compared to LG’s conventional models.
      Each year, the ENERGY STAR program honors a group of businesses and organizations that have made outstanding contributions to protecting the environment through superior energy achievements. ENERGY STAR award winners lead their industries in the production, sale and adoption of energy-efficient products, homes, buildings, services and strategies. These efforts are essential to fighting the climate crisis and protecting public health.
      Under its Zero Negative Environmental Impact initiative, LG plans to establish more production sites that make a positive impact on the environment. To ensure that the company reaches its stretch goals for carbon neutrality and circular economy, LG announced its intention to reduce the use of petrochemical-based plastics by introducing up to 600,000 tons of recycled plastic into its manufacturing process by 2030 and nearly double the recovery of electronic waste to 8 million tons by then.
      LG is demonstrating what it takes to build a more sustainable future, according to EPA Administrator Michael S. Regan. “They are showing once again that taking action in support of a clean energy economy can be good not only for the environment, but also for business and customers. We know it’s going to take all of us working together to tackle the climate crisis,” he said.
      * Tested by VDE by comparing energy consumption between LG model GBB530NSCXE (LG Inverter Linear Compressor) and GBB530NSQWB (LG conventional reciprocating compressor). Energy consumption test based on ISO 15502 standard.
      # # #

      link hidden, please login to view
    • By News Reporter
      Highest Quarterly Revenue in Company’s History Reflect
      Strong Demand for Premium LG Home Appliances and Auto Parts

      SEOUL, April 28, 2022 — LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of KRW 21.11 trillion (USD 17.53 billion) – the highest quarterly revenue in company history. Operating profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by royalty income, partially offset by a one-time workforce restructuring cost.
      Compared with the first quarter a year ago, revenues grew by 18.5 percent and profitability soared by 6.4 percent, reflecting very strong demand for LG home appliances as consumers around the world continue their focus on healthier living, energy efficiency and home upgrades. The vehicle component business unit’s sales increased driven by higher demand for auto parts as a result of a proactive and preemptive response to shortages of automotive semiconductors.
      The LG Home Appliance & Air Solution Company generated first-quarter sales of KRW 7.97 trillion (USD 6.62 billion), with operating profit of KRW 447.60 billion (USD 371.68 million). Sales increased 18.8 percent from the same quarter last year, recording the business unit’s highest quarterly revenue. Stable growth was driven largely by strong performance in premium appliances and new categories such as hygiene products applied with steam technology. The appliance business expects to see continued growth by expanding overseas sales in new appliance categories.
      The LG Home Entertainment Company recorded sales of KRW 4.06 trillion (USD 3.38 billion) with an operating profit of KRW 188.40 billion (USD 156.44 million). Sales increased 1.4 percent from the same period a year ago driven by continued demand for premium products including OLED and large-screen TVs in Europe and North America. The business unit expects continued growth by expanding sales of premium TVs including LG OLED TVs, QNED TVs and large-screen TVs.
      The LG Vehicle component Solutions Company achieved first-quarter sales of KRW 1.88 trillion (USD 1.56 billion). The sales increase of 8.5 percent from the same period last year reflected a preemptive response to shortages of automotive semiconductors. The business unit’s first-quarter operating loss is narrowing to KRW 6.30 billion (USD 5.23 million), and the company has implemented better cost management to further improve profitability.
      The LG Business Solutions Company saw improved first-quarter revenues of KRW 2.02 trillion (USD 1.67 billion), an increase of 23.7 percent from a year ago largely on the back of continued demand for products such as monitors and PC products in the beginning of academic season and recovery of the B2B segment, while product competitiveness and operational efficiencies also improved.
      2022 1Q Exchange Rates Explained
      LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2022. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,204.26 per USD.
      Earnings Conference and Conference Call
      LG Electronics will hold a Korean / English conference call on April 28, 2022 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics  before the call.
      # # #
       

      link hidden, please login to view
    • By kingfelix
      When you run a search, there is a "web" button that lets you view results on the web. This opens a mini web browser which defaults to having explicit results shown. This make is too easy -- even for a child -- to accidentally or purposefully have the TV screen filled with sexually explicit content.
      There needs to be a way to disable or control with a PIN the ability to see search results on the web.
      OR
      the browser that launches the web results needs to be defaulted to HIDING explicit results
    • By Sol Harold
      Hi All,
       
      i’ve got an OLED 55C1 with webOS 6.0 and a service remote in South America. 
       
      I’ve been able to find working area codes for almost all regions using the service remote based on previous posts and tables. 
       
      Of most use to me were:
      Brazil: 26895 (local DTV transmission settings) /22800 (BR/US DTV transmission settings)
      US: 1843 / 1793 / 22287
      UK/EU/Turkey: 3122
      AU Australia: 767
      JP Japan: 23439
      I’ve also found working codes for China (CN), Taiwan (TW), Hog Kong (HK), Philippines (PH), Australia, NZ & South Asia incl. India (AJ), certain African and Middle Eastern countries (JA or JA ME IL regions: note Israel is not an option even though IL appears in the code) , Canada (CA), Mexico (MX), Panama and Central America (PA), Ecuador (EC), Colombia (CO), Peru (PE), Chile (CL), and Argentina (AR).
      Notably absent were working codes for;
      Israel (IL)
      Korea (KR)
      Russia and CIS countries (RU CIS)
      Eastern Europe (ETC?)
      Does anyone know the working area option service codes for these countries?
      I am mostly interested in working IL and KR codes.
       
      thank you so much!
       
       
       
    • By Ingemar Olsson
      Web OS 4.30. Home screen show history of  APPs video, foto and music above APPs before selected.
      How clear history?
      MENU:General->AI->AI recommendations-> CLEAR USER DATA
      Does not do the job. Only clear Last used APPs.
      Help?
      Regards Ingemar

×
×
  • Create New...