Quantcast
Jump to content

LG Releases Preliminary Earnings for Third-Quarter 2021


News Reporter

Recommended Posts

LG-Twin-Towers.jpg

SEOUL, Oct. 12, 2021 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the third quarter of 2021.

LG reported tentative consolidated revenues of KRW 18.8 trillion, an increase of 22 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. In line with current accounting standards, LG will include a provision of approximately KRW 480 billion in the third quarter for the recall of the Chevy Bolt EV. Operating profit of KRW 540.7 billion is expected to be 49.6 percent lower than the third quarter a year ago after reflecting the recall provision.

LG Electronics terminated its mobile phone business at the end of July and is treating the Mobile Communications Company’ performance as a discontinued operating loss. Earnings for the previous year and the same period the previous year have been restated for comparative purposes.

These figures are the tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results including net profit. Details regarding each division which will be announced officially later this month.

# # #

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
      Company to Present Vision of Reimagined Technology, Lifestyles and
      Experiences as the Tradeshow Makes Offline Return

      SEOUL, Aug. 15, 2022 — LG Electronics (LG) invites consumers from around the globe to experience its latest innovations up-close and in-person at IFA 2022 in Berlin, Germany (September 2-6). Under the theme of Life, Reimagined – with the booth displaying LG’s vision of reimagined technology, rediscovered lifestyles and redefined experiences – the company will introduce an array of products that break new grounds in technology advancement as well as unique, new solutions and services designed to deliver unparalleled customer experiences.
      LG is thrilled to be returning to Berlin for IFA for the first time since 2019. Europe’s premier consumer electronics tradeshow is back on the ground in the German capital after a two-year hiatus and ready to again wow visitors from all over the world.
      During IFA 2022, visitors can discover LG’s latest innovations, and learn how the company is reimagining the customer experience, at its booth in Hall 18 at Messe Berlin. Those who cannot attend IFA in person can still explore the LG booth by checking out the LG Booth video, which will be uploaded on the LG Global YouTube channel (
      link hidden, please login to view). # # #

    • By News Reporter
      To Give Corporate Customers the Level of Protection they Demand, Company is
      Applying Reliable Anti-Eavesdropping System to Latest Digital Signage Solutions

      SEOUL, Aug. 11, 2022 — LG Electronics (LG) is introducing an innovative eavesdropping detection solution for its commercial signage products. Going forward, the cutting-edge security system will be applied to the company’s flagship models, including LG LED All-in-One, LG LED Bloc and LG MAGNIT, as well as select video walls and UHD signage products supporting webOS 4.1.
      As demand for commercial signage products expands across multiple industries, so does the need for related technologies that serve the needs of companies operating in different sectors. Although counter-surveillance is important in every sector, some entities such as corporates, government agencies, national institutions and the military prioritize confidentiality and the protection of personal information. LG, in partnership with high-tech security technology provider
      link hidden, please login to view, has addressed this growing need by installing a dedicated app that runs with GITSN’s eavesdropping detection terminal in LG’s smart signage platform, webOS. The new eavesdropping detection function displays a warning icon on screen in real time as soon as it detects any abnormal signal. The system utilizes simple icons to keep attendees updated on just how secure they are at all times. Moreover, LG’s webOS-based detection function, which can cover multiple conference/control rooms at once, analyzes every inch of a potential risk fast and accurately to alert those in charge immediately.
      “LG’s newest solution detects various potential, unexpected risks and reports it immediately, while also bringing the company’s security management up to date,” said Paik Ki-mun, senior vice president and head of the Information Display business unit of LG Electronics Business Solutions Company. “LG will continue to introduce the high-definition display solutions that not only express the most vivid colors and clear images to date, but also let consumers feel safe while they use them.”
      The latest signage solution will be available in the third quarter of 2022, starting with key markets in Middle East and Asia, with other markets to follow.
      # # #

    • By News Reporter
      Highest Second-Quarter Revenue in Company’s History Reflects
      Sales Growth for Premium LG Home Appliances and Auto Parts

      SEOUL, July 29, 2022 — LG Electronics Inc. (LG) announced its highest-ever second-quarter revenues, reflecting strong sales for LG home appliances in key regions and the profitable growth of LG’s vehicle components business as the global automotive industry rebounds.
      LG reported revenues of KRW 19.5 trillion in the second quarter of 2022, 15 percent higher than the same quarter the previous year. Operating profit for the second quarter was KRW 792.2 billion, 12 percent lower than the same quarter last year, largely due to supply chain challenges and higher logistics costs.
      Given the business impact of the evolving state of the pandemic and economic conditions, LG is leveraging its comprehensive business portfolio, expanding sales from premium to mass-tier products and growing business-to-business areas such as auto parts.
      The LG Home Appliance & Air Solution Company reported revenues of KRW 8.07 trillion in the second-quarter, first time in LG’s history for a single business unit to exceed quarterly revenues of KRW 8 trillion. Operating profit was KRW 432.2 billion. Revenues increased 18 percent from the second quarter a year ago, mainly driven by stronger sales of premium appliances and new categories such as hygiene products using steam technology in the key regions of North America and Latin America. The business unit plans to continue its momentum by improving competitiveness of premium products and strengthening its mass-tier lineup.
      The LG Home Entertainment Company recorded revenues to KRW 3.46 trillion in the second quarter with operating loss of KRW 18.9 billion reflecting increased marketing investments in response to intensified market conditions. LG’s Home Entertainment strategy will center on effectively managing marketing expenses and growing the premium TV segment, particularly around peak selling seasons including the FIFA World Cup and holiday.
      The LG Vehicle component Solutions Company achieved second-quarter sales of KRW 2.03 trillion, a 19 percent increase from the same period of 2021, leading the business unit to be profitable for the first-time. The significantly higher sales were driven by LG proactively responding to higher demand from automakers with efficient supply chain management. With the cloud of uncertainty created by inflation and geopolitical risks, the company will continue to build strong relationships with global automakers along with strong cost structure management to further improve profitability.
      The LG Business Solutions Company recorded solid second-quarter revenues of KRW 1.54 trillion with operating profit of KRW 14.3 billion. Revenues increased 19 percent from a year ago largely on the back of recovery of the business-to-business segment. The company plans to aggressively target the rebounding B2B segment by developing more customized solutions and expanding its product portfolio for stable growth.
      Discontinued Operations: Second-quarter financial results from LG’s solar panel business, which closed in June as previously announced, are being treated as a loss from discontinued operations.
      Earnings Conference and Conference Call
      LG Electronics will hold a Korean / English conference call on July 29, 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 website before the call.
      # # #

      link hidden, please login to view
    • By News Reporter
      Companies Aim to Improve the In-Vehicle Experience via Seamless Integration of
      Virtual Assistant into LG’s Infotainment Solutions

      SEOUL, July 28, 2022 — LG Electronics (LG) has signed a memorandum of understanding with SoundHound AI, Inc. (SoundHound), a global player in voice artificial intelligence (AI), to jointly develop advanced voice AI technology for the next-generation of in-vehicle infotainment (IVI) systems.
      The partnership will leverage LG’s innovative IVI systems and SoundHound’s advanced voice AI platform, which enables conversational voice control, to bring an up-to-dated convenience to the driver and passenger experience.
      As an intelligence driven consumer electronics and IT business, LG has been trying to inspire the auto industry with new form-factors. Simultaneously, LG always pursues an innovative partner for the future of mobility.
      SoundHound’s advanced voice AI platform is built on Speech-to-Meaning® and Deep Meaning Understanding® technologies. These technologies enabled the evolution of voice experience from a legacy command-and-control interface to a more intuitive conversational functionalities for drivers and passengers.
      This new collaboration will also allow users to take advantage of SoundHound’s voice commerce partnerships – meaning drivers and passengers will be able to pay for gas, parking or even order food directly from their vehicles, simply by using the microphone and infotainment display. Such voice-enabled commerce could help OEMs build new revenue streams via their connected vehicles.
      Voice recognition is beginning to see much wider adoption in the auto segment, after initially being available only as an optional extra in select luxury vehicle models. As safety and ease-of-use being enhanced, voice AI technology will make it possible for carmakers to provide a range of services that will allow drivers to perform a variety of tasks hands-free and without taking their eyes off the road. Its wider implementation will also improve any commute or journey for those occupying the passenger seats as well.
      With the virtual assistant market expected to grow considerably over the next decade, more automakers are recognizing the need to bring voice recognition features to their vehicle programs. In order to meet the anticipated rise in demand and move the technology forward, LG has partnered with the SoundHound. The two companies aim to bring innovative, new voice functionalities and capabilities to LG’s next-gen IVI systems to change the in-vehicle experience for the better life.
      “We’re excited to collaborate with SoundHound and look forward to providing new in-vehicle experiences through seamlessly integrating its voice AI platform with our latest IVI system architecture,” said Eun Seok-hyun, president of the LG Vehicle component Solutions (VS) Company. “This partnership will allow us to better meet the needs of our auto industry customers and create innovative solutions that will help driving the future of mobility.”
      “Our agreement with LG will allow auto manufacturers of all sizes to deliver the kind of voice-enabled infotainment experience that users have come to expect in every part of their lives,” said Keyvan Mohajer, president and CEO of SoundHound. “We’re entering an era where people are beginning to expect to talk to devices in the way they talk to each other, and that those interactions will be helpful and proactive. This experience is enabled by the most advanced voice AI technology.”
      Based in Santa Clara, California, SoundHound is a leading innovator in AI-based voice recognition and natural language processing solutions, operating across various industries including audio, telecommunications, financial services and automotive.
      # # #

      link hidden, please login to view
    • By Symbiodin
      I have an LG OLED55C6P TV. Because of hearing difficulties, I generally use bluetooth headphones when watching the TV.  As far as I have been able to determine, there appears to be no way to use the headphones and also have the TV speakers working at the same time. This means that if I'm watching TV, no one else can watch and listen unless they have headphones.  Am I missing something?  Is there a way to have the headphones and TV speakers working at the same time?

×
×
  • Create New...