LG Showcases First Hotel TVs With Apple AirPlay at HITEC 2023
-
-
Similar Topics
-
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.
# # #
link hidden, please login to view -
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.
# # #
link hidden, please login to view -
By News Reporter
At Europe’s Largest HVAC Exhibition, Company Introduces Highly Energy-Efficient
Residential and Commercial Solutions Designed to Deliver Optimal Indoor Comfort
SEOUL, Mar. 11, 2024 — LG Electronics (LG) is presenting its latest heating, ventilation and air conditioning (HVAC) solutions at Mostra Convegno Expocomfort (MCE) 2024 in Milan, Italy, from March 12-15. LG’s booth will showcase the company’s energy-efficient HVAC solutions for home and business, including the new DUALCOOL residential air conditioner indoor unit that provides a year-round pleasant indoor environment, residential heat pump solutions and commercial hydronic solutions employing low-Global Warming Potential (GWP) refrigerants.
New Residential Air Conditioners With Comfortable Air Flow
In the Home Gallery section of the booth’s Residential Zone, visitors can see for themselves what is so special about LG’s new DUALCOOL residential air conditioner with ‘interior fit’ design.
LG’s air conditioner is equipped with a comfort-enhancing Soft Air function, which provides customized and a soothing, indirect breeze, and an innovative DUAL Vane system, sending warm or cool air in multiple directions to deliver fast and effective temperature control for a favorable indoor environment. Engineered for the European market, the DUALCOOL leverages the state-of-the-art DUAL Inverter Heat Pump Compressor to deliver efficient heating and cooling. Another feature designed to reduce energy consumption is the kW Manager, which lets users set electricity-usage targets and monitor the air conditioner’s estimated electricity usage via the ThinQ app.
Also on display in the Residential Zone, the stylish ARTCOOL Gallery air conditioner can be personalized by selecting beautiful images or dynamic content (using the ThinQ app) to display on its bright LCD screen, which is bordered by a simple yet sophisticated frame.
Residential HVAC Solutions for Diverse Installation Environments and Lifestyles
The Air-to-Air Residential Solution area of LG’s booth offers up a wide selection of solutions from the Multi Split lineup, including the new wall-mounted DUALCOOL residential air conditioner and several indoor units that can be adapted for diverse installation environments and lifestyles. Additionally, visitors can check out the company’s residential Variable Refrigerant Flow (VRF) solution for residential applications such as Multi V S combined with Hydro Kit (Integrated Water Tank). This seamlessly integrated innovation provides stable heating, cooling and hot-water supply.
In the Air-to-Water Residential Solution section, the spotlight is on the LG Therma V R290 Monobloc air-to-water heat pump (AWHP) and an array of medium- and large-size heating solutions. Ideal for use in single-family residential dwellings, the R290 Monobloc matches strong performance with an equally strong design – one that incorporates an elegant and wavy grille finished in matte black. Among the various indoor and outdoor units on display in the Air-to-Water Residential Solution section are the Control Unit, Combi Unit and Hydro Unit – a diverse lineup that is compatible with R290 Monobloc, demonstrating LG’s unmatched ability to provide solutions for diverse installation environments. Moreover, the high-efficiency heat pump solutions are available in various capacities to meet the needs of both new and existing residential properties, including multi-family dwellings.
Home Energy Platform for a More Sustainable Solution
Inside the Air-to-Water Residential Solution section of the booth, visitors can learn how LG’s Home Energy Platform can create a more sustainable solution for home. An extensive energy solution that brings together the LG Therma V R290 Monobloc and the Energy Storage System (ESS), the Home Energy Platform streamlines HVAC and energy management, and can help shrink a household’s carbon footprint.1 Moreover, the heat pumps can significantly reduce carbon emissions when coupled with renewable energy sources such as solar.2 The ESS offers innovative ways to improve the efficiency of renewable energy usage in the home, and functions as a back-up power source if electricity supply is interrupted. Furthermore, the Home Energy Platform is compatible with LG ThinQ Energy,3 an extensive feature of LG ThinQ app, enabling users to monitor energy storage consumption and control their smart appliances and HVAC systems from their smartphones.
Advanced Hydronic Solutions Headlined by the Multi V i
In the Commercial Zone, the focus is on advanced hydronic solutions like the Multi V i, Inverter Scroll Chiller and select Hydro Kit lineups. The Multi V i leverages LG’s AI Engine to deliver AI Smart Care, which uses spatial and situational learning to help reduce daily energy consumption. Consistent thermal conditions are essential to accommodate optimal temperature preferences and ensure user safety and peak performance. The AI Indoor Space Care automatically adjusts the indoor environment in response to actual conditions, regulating connected indoor units to provide a convenient user experience and maintain a steady temperature. Another feature enabled by the AI Engine is AI Energy Management, which allows users to set energy consumption targets to lower the overall power usage of Multi V i.
The Commercial Zone also features LG’s innovative heat recovery unit, designed to enhance the safety of R32-refrigerant-equipped HVAC solutions. In addition, the zone highlights VRF solutions for light commercial spaces, alongside the R32-refrigerant Multi V and Inverter Scroll Chiller.
What’s more, visitors to LG’s booth can experience the airflow of DUALCOOL and 4-way Cassettes via the use of Augmented Reality (AR) and kinetic visualization technology. LG’s industry-leading HVAC component solutions, including its efficient and durable compressors, will also be on display during the exhibition.
“LG’s cutting-edge residential and commercial HVAC solutions on show at MCE 2024 provide a comfortable indoor environment, exceptional efficiency and smart, convenient control,” said James Lee, head of the Air Solution Business Unit at LG Electronics Home Appliance & Air Solution Company. “We will continue to deliver optimal indoor comfort in both residential and commercial environments through high-efficient solutions, employing precise airflow control technology and core compressor technology.”
Visitors to LG’s booth (#U28/Z16, Hall 5, Fiera Milano) at MCE 2024 can experience and explore the company’s full portfolio of innovative HVAC solutions.
# # #
1 Therma V R290 cuts carbon emissions by up to 93 percent compared to a conventional boiler by using heat from the air as an energy source. Carbon emission rates are calculated for space heating only. Using EN14825 climate data and assuming 4,910 annual operating hours with 35 degrees Celsius temperature operation based on average temperatures in France. Calculations based on June 2023 energy prices and the carbon intensity of the power sector in the EU in 2022, and 56.1 t-CO2/TJ is considered for calculation of CO2 emission of gas boiler.
2 According to the German Heat Pump Association, the annual CO2 emissions of heating systems vary significantly based on the power source. When a heat pump is powered by renewable energy, the emissions are as low as 0.09 tons, the least amount recorded, while using heat pumps powered by conventional energy results in emissions of 1.35 tons. (Exemplary figures from Germany, 2020; 4 persons, 200m2 flat and sourced from German Heat Pump Association, waermepumpe-bwp.de/co2-neutral-heizen/)
3 ThinQ Energy is an extensive feature of the LG ThinQ app. The name of the app and feature availability may vary depending on model and region.
link hidden, please login to view -
By Danilo Peixoto Ferreira
I wish I could control the volume of my LG TV 65NANO96SNA (webOS 4.50.71) using Apple TV 4K 3rd Generation (tvOS 17.3) with HDMI CEC (Belkin AV10176bt2M-BLK cable). The Apple TV has it on Settings, however, the TV does not respond to it. Turn on/off works. Volume control only works with IR. Could we prepare an update to support and fix it?
-
-
By williemyers
hi all,
for a couple of years now, I've enjoyed AirPlay between my mid-2012 MacBook Pro and my LG Smart TV. But last week, I had to do a Migriation Asst./Time Machine re-install of the system drive on my MacBook Pro/Mojave. Result is that I can no longer get a connection with my LG TV. Two things:
When attempting to AirPlay connect, I now get a Mac window asking for a PIN code. Then , the LG goes black and gives me a 4-digit AirPlay code, I enter it in to the Mac, but it reports, "could not connect to LG TV" etc. 2. I've put an AirPlay icon in the menu bar, but when I click on it, I see a greyed-out "AirPlay:" that constantly switches back and forth between "AirPlay: Looking for TV..." and "AirPlay: Off"
All help/thoughts appreciated!
-
-
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.