LG Unveils Its First Mini LED Surgical Monitor at MEDICA 2022 in Germany
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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
Company Achieves Record-breaking
First-Quarter Revenues by Surpassing Boundaries Once Again
SEOUL, Apr. 5, 2024 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2024, reporting a consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion.
The company marks the highest first-quarter revenue in its history. The implementation of innovative business models such as subscriptions, along with the expansion of B2B operations, have proven to be crucial in overcoming challenges like the delayed recovery of market demand. From a product perspective, LG’s strategy to enhance the product range and price coverage of volume zone lineups, in response to market demand polarization, has demonstrated significant effectiveness. This strategy, combined with the company’s dedication to sustaining strong competitiveness in the premium market by emphasizing unique factors like AI, has played a substantial role in achieving the impressive figure.
The first-quarter operating profit has surpassed KRW 1 trillion for the fifth consecutive year since 2020. The company’s content and service business, which leverages its hundreds of millions of devices distributed globally as a platform, along with D2C sales, are driving qualitative growth and enhancing the contribution to the company’s operating profit. Measures such as resource allocation, stabilization of raw material and logistics costs and ensuring the flexibility of the global production operation system have also played a part in maintaining stable profitability.
In the home appliance & air solution business, new products like the LG Styler clothing care system, LG WashCombo All-in-One and LG WashTower have led growth, receiving positive market feedback. The strategy of expanding the volume zone lineup to cater to regional characteristics and shifts in demand in international markets has been successful. The company is also growing its B2B business, including HVAC, built-in appliances and component solutions.
LG aims to expedite the paradigm shift in home appliances by introducing subscription services that allow customers to choose appliances and product management services that suit their lifestyles. Also, as AI expands its role in customer electronics, the company is incorporating its Affectionate Intelligence into its devices and services, aiming to provide a unique customer experience that goes beyond basic AI, offering more thoughtfulness and empathy towards customers.
In the vehicle component solutions business, a secured backlog of orders is driving gradual sales growth. The order backlog is expected to exceed KRW 100 trillion in the first half of this year, increasing from the mid-90 trillion range at the end of last year. For In-vehicle Infotainment, a major contributor to sales, the emphasis this year is on bolstering software capabilities and broadening the spectrum of unique products. LG Magna e-Powertrain, having achieved profitability last year, is poised to accelerate growth by securing additional orders from the European and Asian markets. Concurrently, ZKW, a subsidiary specializing in vehicle headlamps, is strategizing to develop next-generation product capabilities while optimizing its business structure.
The home entertainment business is continuing to experience meaningful growth with the launch of new 2024 OLED TV lineup with enhanced AI performance as well as the expansion of webOS content and services. Starting this year, the company will actively deploy dual-track strategy driven by both the top-tier OLED lineup and the QNED lineup to lead the premium market. Furthermore, the webOS platform business will be developed into a scalable, high-profit business this year.
The business solutions sector continues to innovate customer experience through strategic products such as the new LG gram that comes with the latest on-device AI functions and gaming monitors. This year, the company will position itself with a competitive lineup of the commercial displays and continue to invest in future growth engines such as robots and electric vehicle charging, accelerating the early deployment of promising new businesses.
These figures are 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 will be announced officially later this month.
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By News Reporter
Latest DUALCOOL Model Boasts Sophisticated Design, Company’s DUAL Vane
System and the Comfort-Enhancing Soft Air Feature
SEOUL, Mar. 7, 2024 — LG Electronics (LG) is revealing its efficient, new DUALCOOL residential air conditioner at MCE 2024 – one of Europe’s biggest heating, ventilation and air conditioning (HVAC) exhibitions – in Milan, Italy, from March 12-15. Leveraging LG’s latest air conditioning technologies, including the comfort-enhancing Soft Air function, the new DUALCOOL provides a year-round pleasant indoor environment.
With its sophisticated ‘interior fit’ design and refined matte finish, the latest LG DUALCOOL air conditioner is a stylish addition to the home. The advanced, new model integrates a dual outlet structure that delivers fast, optimized temperature control and gentle, indirect airflow that won’t leave users feeling chilly. Equipped with the efficient and reliable Dual Inverter Heat Pump Compressor, LG’s innovative air conditioner performs reliably in any season and boasts an EU energy efficiency rating of A+++.1
Comfortable Air Flow
The air conditioner’s Soft Air function, created in response to consumer feedback, lets users enjoy customized cooling and a soothing, indirect breeze. When the function is activated, the lower vane closes so that air is discharged through the front-facing outlet only. Rather than being directed at sitting or standing height, the airflow moves downward from the ceiling for a gentler, more refreshing cooling experience.
Incorporating the innovative DUAL Vane system, the LG DUALCOOL air conditioner sends warm or cool air in multiple directions to deliver fast, effective temperature control. Its two independent vanes help extend airflow range to an impressive 22 meters; a 22 percent increase compared to previous models. It also outperforms single-vane solutions by up to 23 percent in cooling and 6 percent in heating.2 Moreover, the new air conditioner prioritizes user comfort with its effective airflow delivery method: channeling air upward and outward from above head-height when cooling, and sending airflow down toward the floor when heating.
The latest DUALCOOL model also employs the company’s Human Detection Sensor, which detects the distance between the air conditioner and the room’s occupant(s) and changes airflow mode (direct or indirect) accordingly. Users can adjust the sensor’s settings so that, based on their proximity to the indoor unit, the DUALCOOL will produce either direct, indirect or strong airflow.
Proactive Energy-Saving
With energy prices in the EU continuing to rise, customers across Europe are increasingly prioritizing efficiency when seeking new HVAC solutions for the home. Equipped with the Dual Inverter Heat Pump Compressor, as well as various smart energy management features, the DUALCOOL air conditioner can help lower the cost of household climate control. Achieving an A+++ European Energy-related Product (ErP) rating, the new model offers year-around efficiency with a 9.5 Seasonal Energy Efficiency Ratio (SEER) in cooling operation and 5.1 Seasonal Coefficient of Performance (SCOP) in heating.1
DUALCOOL users can save energy by setting up electricity-usage target with the kW Manager. Through the ThinQ app, it makes it possible to monitor energy consumption in real time and can alert the user if the target they’ve established has been exceeded. Through regularly monitoring electricity usage and analyzing operating information, the kW Manager is able to determine the most energy-efficient range of operation for a variety of different scenarios.
Offering another way to help reduce running costs, the DUALCOOL’s Human Detecting Sensor automatically puts the air conditioner in energy-saving mode if no one is detected in the room. Meanwhile, the Window Open Detecting feature can prevent energy waste as well, activating energy-saving mode if the temperature in the room suddenly rises or falls.
Easy and Convenient Indoor Unit Care
The convenient Auto Cleaning feature automatically dries the DUALCOOL’s interior, boosting hygiene by removing any moisture and preventing mold from forming. Helping to maintain cleanliness inside the air conditioner during the colder months of the year, the Freeze Cleaning feature defrosts the heat exchanger to effectively wash away bacteria, dust, debris and odor-causing contaminants.3
“Our latest LG DUALCOOL residential air conditioner is designed to provide optimal indoor comfort in all seasons,” said James Lee, head of the Air Solution Business Unit of LG Electronics Home Appliance & Air Solution Company. “LG is committed to setting new standards in home climate control and will continuously introduce high-efficiency and environmentally-friendly HVAC innovations.”
Visitors to MCE 2024 from March 12-15 can experience all of LG’s latest HVAC solutions, including the new LG DUALCOOL, at the company’s booth (#U28/Z16, Hall 5, Fiera Milano).
The new LG DUALCOOL air conditioner is set to launch in Italy on April, with availability in other EU countries.
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1 Based on the energy labelling class for air conditioners in accordance with EU Regulation (EU) 2009/125/EC. The new DUALCOOL model satisfies the energy efficiency conditions of A+++ class with a 9.5 Seasonal Energy Efficiency Ratio (SEER) in cooling operation and 5.1 Seasonal Coefficient of Performance (SCOP) in heating.
2 Based on LG Internal test conducted according to LG internal test methods comparing cooling time of the model with single vane (S3-M12KL2MB) and the model with DUAL Vane (S3-M121L1C0). The new DUALCOOL air conditioner cools up to 23 percent faster in cooling mode and heats up to 6 percent faster than the previous model using Jet Mode at a chamber of 50.1 meters3, measuring the time it took to reach ±5 degree Celsius from the initial average room temperature. For the cooling mode, the testing was conducted under the condition of an indoor temperature of 33±0.3 degrees Celsius and a relative humidity (RH) of 60±5 percent, and an outdoor temperature of 35±0.3 degrees Celsius with RH of 50±5 percent, a set temperature of 18 degrees Celsius was used. For the heating mode, with an indoor temperature of 12±0.3 degrees Celsius and RH of 60±5 percent, and an outdoor temperature of 7±0.3 degrees Celsius with RH of 87±5 percent, a set temperature of 30 degrees Celsius was applied.
3 Based on TÜV Rheinland Korea conducted according to LG internal test methods measuring the reduction rate of Pseudomonas aeruginosa. It removes up to 99.0 percent of Pseudomonas aeruginosa from the heat exchanger within the indoor unit according to tests conducted by TÜV Rheinland with models SQ07EDETHN, SQ06BDAWAJ, SQ07SDJBAN and SQ09MDKWAN. Freeze Cleaning mode operation time is confined up to 65 minutes, and the function can be operated through LG ThinQ app only. The performance result may vary depending on actual use environmental conditions and is not guaranteed for continuous exposure to hazardous environments. (Report No. KR23LGPO, KR2357TB, KR2384CM, KR230RH9, KR237IO2, KR235J9N and KR23OGEG)
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By News Reporter
Company’s Latest Appliances Embrace Built-in Design,
Energy Efficiency and Smart Home Solution
SEOUL, Feb. 27, 2024 — LG Electronics (LG) is unveiling an evolved, fully-integrated home experience at the 2024 Kitchen & Bath Industry Show (KBIS) in Las Vegas. LG’s exhibit highlights a range of advanced residential solutions for a better life at home, including an expanded lineup of premium built-ins, energy-efficient appliances and eco-friendly heat pumps that enable home electrification. Also making an appearance is the LG Smart Home AI Agent, a futuristic and friendly innovation designed for a ‘Zero Labor Home.’
Expanded Signature Kitchen Suite Lineup With New Transitional Series Built-in Kitchen Package
Upon entering LG’s booth, visitors will encounter the Signature Kitchen Suite zone, which boasts a stylish selection of the premium built-in brand’s latest kitchen appliances. Among them is the new Signature Kitchen Suite Transitional Series built-in kitchen package, developed in response to the growing popularity of both transitional and contemporary kitchen design.
With subtle aesthetics that help complete a luxurious kitchen look, the Transitional Series offers a sophisticated and velvety matte-stainless-steel panel option and introduces thin yet easy-to-grip handles. The showcased appliances from the Transitional Series include the wine column fridge, under-counter wine cellar, under-counter drawer fridge, 30-inch fridge, dishwasher, 36-inch insert hood, induction oven and wall oven. Visitors can also see sleek solutions from other Signature Kitchen Suite lineups, including the panel-ready Pro Series collection and the brand’s space-efficient compact-size packages.
To underscore the brand’s ‘True to Food’ philosophy, LG is hosting cooking demonstrations in the booth’s cooking experience area. Expert chefs Nick, Austin and Jordan will be showing how easy it is to prepare delicious fare using some of the Signature Kitchen Suite’s latest built-in appliances.
Colorful InstaView Refrigerators for a Differentiated Kitchen Experience
What’s more, the company is introducing a new feature with InstaView refrigerators. Making its debut at KBIS, the new LG InstaView refrigerator allows users to change the color of the InstaView LED light (using the ThinQ app) to suit their preference. In addition, LG is displaying two new refrigerators with MoodUP that employ stainless steel feel material on surface, and a bottom-freezer fridge – with color-changeable door panels that can be easily managed with the LG ThinQ app.
New Simple Design for Contemporary Living
In the LG STUDIO zone, attendees can explore the expanded LG STUDIO Essence White Series, which prioritizes simple, understated design and offers a selection of colors for customizing the appliances’ knobs and handles. The Essence White Series removes unnecessary design elements to reveal the true essence of each appliance, delivering a timeless and simple look that’s always in style. Complementing any kitchen décor or design theme with its soft matte-white finish, the lineup comprises a wall oven, dishwasher, induction oven, Styler, WashTower, hood, gas cooktop and over-the-range microwave.
Customized, Energy-Efficient Smart Home Solutions for All
Besides its premium built-in lineups and comprehensive packages, LG is presenting customized home solutions that are tailored to the needs of both multi- and single-family households and are suitable for a wide variety of spaces. Across several display areas, LG shows how its state-of-the-art appliances are able to fit in effortlessly in an array of different housing situations. Moreover, visitors can check out LG’s impressive, new bath solution leveraging the latest technologies and premium design for a more comfortable and convenient bathroom experience.
Meanwhile, in the Sustainable Home Solution Zone, the company is showcasing its comprehensive home energy solution, which includes the LG Energy Storage System (ESS). Ready to help U.S. customers take advantage of upcoming energy efficiency rebate programs,1 LG’s solution offers user-friendly energy management encompassing production, storage, usage and conservation.
The ESS is easily integrated not only with LG’s air-to-water heat pump and inverter water heater, but also with the company’s home appliances featuring the acclaimed Inverter Heat Pump. Powered by LG’s exclusive core components and motors, the laundry solutions from LG WashCombo with Inverter HeatPump and a dryer with DUAL Inverter Heat Pump save time while using less energy than a vented model,2 helping to achieve home electrification.
Smart Home Solution for a Zero Labor Home
Highlighting the company’s ‘Zero Labor Home’ vision, the Zero Labor Home zone centers on LG’s ThinQ UP 2.0-compatible appliances incorporating the LG AI Appliance Chipset and designated operating system and the groundbreaking LG Smart Home AI Agent. Visitors can experience the differentiated value and unique capabilities of the Smart Home AI Agent and ThinQ through a range of real-life usage scenarios with LG’s home appliances. In a short video focusing on dinner preparation, the Smart Home AI Agent connects with the InstaView fridge and wall oven with built-in high definition camera to check available ingredients, recommend menus and provide cooking steps.
Revealed at this year’s CES, LG’s Smart Home AI Agent uses cutting-edge robotic and multi-modal technologies that enable it to move, learn and comprehend in order to help free people from the burden of household chores. Thanks to LG’s collaboration with Microsoft Azure Open AI, the Smart Home AI Agent is capable of engaging in more complex conversations with users.
“As people’s lifestyles become more diverse and complex, the demand for ultra-personalized solutions will continue to rise,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “The advanced home appliances and cutting-edge technologies we’re presenting at KBIS 2024 are designed to meet the needs of any and all users. We will continue to deliver customized, energy-efficient housing solutions that offer a differentiated home experience.”
Visitors to LG’s booth (West Hall #2343, Las Vegas Convention Center) at KBIS 2024 from February 27 to 29 can discover the company’s diverse portfolio of sophisticated home solutions for a better life.
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1 The Inflation Reduction Act (IRA), which will come into effect in the United States, provides nearly USD 400 billion to support clean energy and address climate change and USD 8.9 billion for Home Energy Rebates. ( link hidden, please login to view)
2 More energy efficient drying – efficiency rating as compared to the requirements for ENERGY STAR® qualification for standard electric dryers. Based on (November 2023).
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By News Reporter
Company’s Focus on Sustainable Solutions, Whole Home Electrification and
Commercial Innovations on Display at World’s Largest HVAC Industry Tradeshow
SEOUL, Jan. 22, 2024 — LG Electronics (LG) is unveiling its latest heating, ventilation and air conditioning (HVAC) solutions at AHR Expo 2024, taking place in Chicago, Illinois, U.S.A., from January 22-24. LG’s energy-efficient residential and commercial HVAC lineups on show at this year’s event deliver exceptional performance and demonstrate the company’s steadfast commitment to environmental responsibility.
In the Air Solution booth, LG is putting the spotlight on several of its cutting-edge HVAC solutions. These include the R32 air-to-water heat pump and furnace, and the Multi F heat pump, both designed for residential applications, and the new Multi V i Variable Refrigerant Flow (VRF) solution for commercial use.
Visitors to the Home Electrification Solutions Zone can get a firsthand look at LG’s R32 air-to-water heat pump, which employs the low Global Warming Potential (GWP) refrigerant, R32. Meeting the latest refrigerant standards,1 R32 contributes to the solution’s ability to deliver a reliable heating performance at low temperatures. The zone also features the stylish ARTCOOL Gallery air conditioner. First unveiled at CES 2023, the distinctive ARTCOOL Gallery boasts the company’s state-of-the-art DUAL Inverter Compressor and 3-way indirect flow.
Additionally, the Home Electrification Zone highlights LG’s expertise in custom HVAC system design using versatile solutions such as the Multi F heat pump. Compatible with various indoor units and able to adapt to a wide range of buildings and appliances, the Multi F ensures a comfortable indoor environment, even in extreme climates.
Displayed in the Home Air and Water Solutions Zone, LG’s Inverter heat pump water heater is an energy-efficient alternative to a conventional electricity- or gas-powered heater.2 It can heat up to 80 gallons of water at a time, providing a large supply of hot water and a dependable performance. LG’s innovative water heater enhances user convenience as well, offering seamless remote control and handy maintenance notifications via LG ThinQ app.
The company’s Multi-Position Air Handler Heat Pump provides homeowners with a new level of flexibility and comfort, even in cold climate zones. This solution provides optimal temperature control year-round, cooling in the summer and heating in the winter, and can be configured for vertical upflow, downflow, or horizontal left or right installation, fitting seamlessly into your home’s existing setup.
In the Commercial Zone, LG is presenting its new Multi V i VRF solution, which is designed for use in mid- to high-rise commercial buildings. Equipped with LG’s highly evolved AI engine, the new Multi V i analyzes operational data to enhance comfort, save energy and provide smart diagnosis functions.
Located next to the Air Solution booth, the Component Solutions booth illustrates LG’s ongoing commitment to sustainability and energy efficiency. Among the core product components displayed there are the company’s new residential compressors with low-GWP refrigerants, which are already compliant with new U.S. regulations on refrigerant use.1 The booth also features LG’s scroll compressors for the commercial market and the company’s latest HVAC fan motor lineup.
“Our cutting-edge HVAC solutions at AHR Expo 2024 show that LG is playing a leading role in the global progress towards ‘electrification,’ and in prioritizing sustainability in HVAC design,” said James Lee, head of the Air Solution Business Unit at LG Electronics Home Appliance & Air Solution Company. “We will continue to introduce energy-efficient and high-performance HVAC solutions that further solidify our strong position in the global air conditioning market and support LG’s global strategy as a Smart Home Solution provider.”
Visit LG’s booth (#S8345, #8349, McCormick Place) at AHR Expo 2024 to explore the full portfolio of LG HVAC solutions.
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1 The state of California has passed legislation that will ban the use of refrigerants with a GWP over 750 from the year 2025.
2 LG’s Inverter Heat Pump Water Heater using a DUAL Inverter compressor heats water with an efficiency of 3.93 Uniform Energy Factor (UEF), whereas conventional electric water heater achieves 0.93 UEF, and conventional gas water heater achieves 0.70 UEF.
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