LG Electronics Inc. (066570) Shipped Over 12 Million Smartphones In Q3
LG Electronics Inc. (KRX:066570) posted their Q3 revenues earlier today. Between all four of LG’s divisions, the company generated $12.51 billion in revenues. Mobile sales generated $2.75 billion of that amount. The sales of their mobile devices almost surpassed the record set in Q2 earlier this year. LG shipped 12 million smartphones this quarter alone compared to 12.1 million in Q2.
LG’s newest flagship smartphone is the LG G2 and the company is also working on the upcoming Nexus 5.
LG saw a 27% increase in third-quarter operating profit to KRW 217.80 billion (USD 196.34 million) compared to the same period last year.
LG’s Home Entertainment Company division reported revenues of KRW 5.01 trillion (USD 4.50 billion), which is a 7% decline from the same period a year ago due to slower global TV demand and lower selling prices. Higher sales in developing countries acrossAsia and the CIS region were offset by softness in Europe.
LG’s Home Appliance Company hit revenues of KRW 2.97 trillion (USD 2.68 billion), which is up 3 percent from the previous year due to the positive reception of their new washing machines and refrigerators. LG’s appliance sales increased in North America and China, but slowed down in developing countries. The Home Appliance Company third-quarter operating profit decreased from the same period last year to KRW 109.20 billion (USD 98.17 million) due to unfavorable foreign exchange movements.
LG’s Air Conditioning and Energy Solutions Company saw flat third quarter sales and operating profit margin year-over-year at revenues of KRW 973 billion (USD 876.32 million). LG’s Air Conditioning and Energy Solutions increased R&D investments and weak market conditions will continue to impact the business. This division will focus on growing their market share of non-seasonal products and commercial air conditioning systems.