Quantcast
Jump to content

LG Announces First-Quarter 2022 Financial Results


Recommended Posts

Highest Quarterly Revenue in Company’s History Reflect
Strong Demand for Premium LG Home Appliances and Auto Parts

A picture of LG Twin Towers in the daytime

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

link hidden, please login to view
 before the call.

# # #

 

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 Dimetrius Smith
      Hello guys
      When i try to open home dashboard i see notification
      How can i fix it?
    • By Sap
      Guys, please advise how we can stream the FIFA World Cup on LG Smart Tv? Jio Cinema has won the exclusive rights and it would be an absolute shame if we are not able to watch the biggest sporting event in the world on our smart TV. Nullifies the entire purpose of a Smart TV. Kindly get this addressed. 
    • By News Reporter
      Organizational Moves to Consolidate Company’s Capabilities to Create
      Differentiated Customer Value, Accelerate Future Growth Engines

      SEOUL, Nov. 24, 2022 — LG Electronics (LG) today announced organizational changes designed to bolster its preparedness for the future. The changes are being implemented primarily to accelerate the company’s future growth engines and enhance its ability to create differentiated customer value and experiences.
      A key piece of LG’s forward-looking strategy is the establishment of the Corporate Customer Experience (CX) Center, which will report directly to LG’s headquarters. The CX Center will be led by executive vice president, Lee Chul-bae, who previously served as head of the Corporate Design Management Center. The main role of the CX Center will be to create a seamless and expanded customer experience. It will also develop strategies and roadmaps to foster greater innovation at every stage of the customer experience journey from product planning and customer service to future business models.
      The CX Center will also encompass the CX Strategy Division, which will be charged with the discovery and promotion of company-wide goals and core tasks, and the LSR Customer Research Center, formerly the Life Soft Research (LSR) Lab.
      LG’s Platform Business Center will play a new role in integrating and organizing LG ThinQ services, responsibilities that were previously distributed across corporate and business headquarters. Established in July 2021, the Platform Business Center has been leading the creation of LG’s fandom based on data. Moving forward, the Center will be headed by LG’s vice president, Jung Ki-hyun, who joined the company in September this year. Jung has had a distinguished career with roles at eBay Korea and Google as well as acting as the CEO of Meta Korea.
      In 2023 and beyond, LG will continue to focus on improving supply chain management (SCM) and augmenting its already-strong Digital Transformation (DX) capabilities. To this end, the company’s Procurement and SCM Management Center has been renamed the Global Operation Center, with the functions and roles of the Production Planning Division transferred from the Production Engineering Research Institute. The Global Operation Center will create synergies across the company’s operations – such as production, purchasing and SCM – through promoting improvements based on DX technologies.
      Aiming to spur further growth through improved organizational performance, LG will strengthen its agile and responsive decision-making system across all four business units.
      Lyu Jae-cheol, head of the Home Appliance & Air Solution (H&A) Company, has been promoted to president in recognition of his success in improving H&A’s performance and product portfolio. An expert in his field, Lyu has worked in various areas of LG’s home appliance business since 1989, including in the R&D and production departments.
      Eun Seok-hyun, head of the Vehicle component Solutions (VS) Company, was promoted to vice president. Under his leadership, LG’s vehicle component solutions business has achieved operational stability with an improved profit and loss structure, and has constructed a strong business portfolio encompassing several key future mobility technologies.
      Another of the newly-announced changes, the H&A Company’s “Living Appliance Business’ and “Kitchen Appliance Business” will become the “Living Solution Business” and “Kitchen Solution Business,” respectively. The renaming aligns with LG’s renewed focus on customer experience innovation and points to the greater emphasis the company is placing on the expansion of content and services.
      The Home Entertainment (HE) Company is set to increase its capacity to create customer value by establishing the Indonesia Research and Development Division under the HE R&D Lab Institute to enhance collaboration between overseas R&D and manufacturing bases.
      The VS Company aims to strengthen its capabilities in purchasing, producing and SCM by establishing an operation group that manages the integrated operation of the electric vehicle component business.
      The Business Solutions (BS) Company set up a new EV Charger Business Division directly under the company to accelerate the full-fledged development of EV charging solution business that was launched last year.
      All appointments are effective Dec. 1 with promotions going into effect on the first day of the new year.
      # # #

      link hidden, please login to view
    • By News Reporter
      Attracting More Than 320 Participants From Around the World,
      GITC Continues to Empower Youth With Disabilities for Eleventh Year

      SEOUL, Nov. 21, 2022 — LG Electronics hosted the final round of the 11th Global IT Challenge for Youth with Disabilities (GITC) last week. The two-day event saw inspiring, young participants from all over the world test their skills for computer-based activities in a series of timed challenges. Adopting a hybrid online and offline format, several key participating countries including Korea, Indonesia and Vietnam set up venues locally as well.
      Following the success of the GITC’s preliminary round in August, registrations were high for the competition’s last stage. Ultimately, more than 320 participants from 16 countries were invited to join in the final round which was held online. After competing in four challenges – eTool, eLifeMap, eContent and eCreative – the young contestants gathered both in-person and online for an awards ceremony that acknowledged this year’s winners while also allowing everyone to come together and share experiences.
      The eTool challenge tests entrants’ ability to make and edit presentations using Microsoft PowerPoint and utilize functions and formulae to calculate and organize data in Microsoft Excel. eLifeMap involves conducting advanced text and image searches online to solve daily problems, while eContent evaluates one’s capacity to create and edit videos dealing with a specific topic. Lastly, the eCreative challenge, which is divided into two sections, tasks participants with coding a self-driving car program (eCreative_SmartCar) and with developing an idea for technology to make life more convenient for persons with disabilities (eCreative_IoT).
      LG Corporation, in conjunction with South Korea’s Ministry of Health and Welfare, has been leading the GITC since 2011. The program was established to help youth with disabilities by bridging the digital gap, enhancing their ability to utilize IT to improve their employment and higher education opportunities. Run by LG Electronics and the GITC Organizing Committee, and now in its eleventh year, the competition has attracted a total of around 4,000 young participants to date.
      Using the GITC as a stepping stone for academic and professional pursuits, participants have continued to challenge themselves to accomplish their dreams after the competition. Faiza Pulri Adila from Indonesia, who won the all-around championship in the 2018 GITC, is studying nanotechnology engineering at Airlangga University in Indonesia. In addition, Cheenmanee Tnanapon from Thailand, the first person with developmental disabilities to win the all-round championship in the 2016 GITC, is taking the lead in raising disability awareness by appearing on popular Thai TV programs.
      “I’ve worked very hard for many days with my friends for the competition because I thought this opportunity was perfect for me to keep pushing myself to improve my skills,” said Varinporn Thongjamnong, a 19-year-old from Thailand and winner of all-around championship in the 2022 Global IT Challenge. “I’m honored to be this year’s Global IT Winner, which I’m confident will motivate me to study even harder to achieve my dreams.”
      “Technologies can help all of us to overcome obstacles in our daily lives and is something of a universal language that transcends borders, culture and many other differences,” said Kim In-kyu, chairman of the GITC Organizing Committee. “We hope that the wonderful young people who entered this year’s competition feel motivated and empowered to take on even greater challenges in the future.”
      As highlighted in LG’s Better Life Plan 2030, the GITC is one of the company’s many initiatives in the key areas of accessibility and inclusion. LG is investing heavily in future generations as part of its comprehensive social contribution framework, and will continue to operate various events and programs specifically designed to assist and support the next generation of leaders by strengthening their skills and capabilities.
      # # #

      link hidden, please login to view
    • By Alex
      Starting a topic on US deals on LG webOS TVs for Black Friday this year. Please post anything you see coming out.
      Great place to keep an eye on as ads come out: 
      link hidden, please login to view



×
×
  • Create New...