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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 SergeNault
Hello all, quick question,
I have an LG Smart TV, with the latest firmware ( 04.50.56), that is connected to a PVR ( Cisco). That PVR, via a cable company called Videotron, has about 50 of exercise videos of 20 minutes recorded over that past years. I wish to move away from my existing TV provider, but before doing so, I'm trying to figure out how to export the videos into an external drive ( USB, cloud) , so that I can re-use them. Some people have suggested to remove the hard drive from the PVR and export to a USB, but those files are encrypted. So outside of using my Iphone and actually record the shows, is there a better quality way of doiing it? I'm thinking some sort of app, that the TV can download, and then record to a USB drive for example. Thanks for sharing any positive outcome.
Serge
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By Roy Brown
webOS updated, I think to 2023, on my C2 a couple of days ago. Since then the News option on the Sky News app no longer works, instead timing out. The Weather and Climate options still work, though.
I have deleted and reloaded the Sky News app, but the problem remains.
Does anybody have any suggestions of what I might try to get this working again, or is this something for LG, or Sky, to fix?
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By quentar82
In the specifications of this LaserTV it is shown that WebOS 6.0 should be installed on this device.
The latest Device Firmware Version is 3.01.02 and i am missing the RTL+ App (Germany) which should be available with WebOS 6.0
So any info when there will be a "real" WebOS 6.0 available on the Cinebeam HU915EQE?
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By nkat
Hello Team,
I'm unable to play any video any video on LG TV WebOS browswer.
I've tried to play
link hidden, please login to viewm also, but no luck. I've toggled (on and off) the 'Adpative Javascript video stream' settings in browser but no luck.
Can any one help on this .?
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Question
Roman Dreyer
When I search something in WebOS, I get various types of results. For example Youtube results, DLNA results, Netflix, web search with what I searched and so on.
All that, except for Spotify result. why?
For example: if I search for David Guetta, I'll get suggestions for Youtube clips, but no suggestions for Spotify.
Could you please integrate Spotify in the search results?
For now, I had to move to Chromecast with Google TV, because there, not only I can search, I can command Google Assist to actually play something. Meaning that with one voice command, I can tell it "play david guetta on spotify" and that's it, it plays.
I don't expect the assistant enhancements like PLAY command, but please, show results from Spotify too.
Thank you.
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