LG Releases Preliminary Earnings for Second-Quarter 2023
Highest Second Quarter Revenue With
Steady Growth Based on Strong Fundamentals
SEOUL, July 7, 2023 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2023.
LG reported revenues of KRW 19.9 trillion in the second quarter of 2023, the highest second-quarter revenue, with operating profit of KRW 892.7 billion, the second highest second-quarter operating profit in the company’s history.
The revenue reflects the company’s actions to fundamentally improve its business structure by continuously expanding the B2B segment, even as profitability was impacted by the challenging global economic conditions and intensifying competition in the market. Operating profit increased by 12.7 percent compared to the same quarter last year, reflecting continuous growth based on the company’s strategy to strengthen business competitiveness.
The LG Home Appliance & Air Solution Company recorded strong profitability on the back of increased sales of high demand products such as air conditioners and energy efficient heat pump-enabled products as well as energy storage systems.
Despite the challenging global economic conditions, the LG Home Entertainment Company is achieving meaningful growth of content and service businesses based on LG’s webOS smart TV platform. At the same time, the company’s Lifestyle Screens are expanding sales and driving the premium TV market.
The LG Vehicle component Solutions Company is continuing the growth momentum supported by high order backlog of auto parts and stable supply chain management. At the same time, the company’s growth was positively impacted by a stable business portfolio made up of the 3 key areas of infotainment, e-powertrain and lighting solutions. The LG Business Solutions Company is accelerating the expansion of the customer experience to discover potential customer demand by introducing the world’s first commercial television sets to feature Apple AirPlay technology support for hotel TVs.
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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