LG Electronics reports $ 16.23 billion in the third quarter of 2021

LG Electronics Inc. announced consolidated third quarter 2021 revenue of $ 16.23 billion, a 22% increase over the same quarter last year and the highest quarterly revenue in LG Electronics history.

Profitability was also strong in the quarter, but was partially offset by a one-time charge. Operating profit was $ 466.99 million, 49.6% lower than the third quarter of 2020, reflecting a provision of $ 415 million.

LG Home Appliance & Air Solution Company posted third-quarter 2021 revenue of $ 6.1 billion, with an operating profit of $ 436.51 million. Sales increased 14.7% over the same quarter last year, surpassing 7 trillion won for the first time thanks to strong growth in the Americas and Europe. Product competitiveness and operational efficiency are expected to help LG maintain growth momentum, albeit at a slower pace due to rising raw material costs.

LG Home Entertainment Company achieved sales in the third quarter of 2021 of 3,611 million dollars, 13.9% more than in the same period of 2020. This was the fourth consecutive quarter with revenues of more than 4 billion won registered by that division, driven on the constant growth in demand for premium products such as OLED and large screen televisions in the North American and European markets. The operating profit of 179.91 million dollars decreased compared to the third quarter of last year, this due to an increase in the prices of components such as LCD panels.

LG Vehicle Component Solutions Company posted revenue of $ 1.5 billion in the third quarter of 2021, an increase of 4.8% over the same period in 2020. An operating loss in the third quarter of 2021 of $ 464.32 million.

Although the industry saw an increase in demand for automobiles, including electric vehicles, during the quarter, the global automotive market experienced significant disruption due to a shortage of semiconductors. In the fourth quarter, the company will focus on strengthening its global supply chain through increased collaboration with automotive original equipment manufacturers (OEMs) and other component suppliers.

LG Business Solutions Company increased its sales in the third quarter to $ 1.46 billion, 13.9% more than a year ago thanks to the continued and growing demand for information display products, PCs and monitors, as well as the gradual recovery of the B2B segment. An operating loss here of $ 10.62 million was caused by higher prices for major components, including LCD panels, semiconductors and solar panels, as well as an increase in global logistics costs.

In the last quarter of the year, the company plans to aggressively target the recovery of the B2B segment while improving product competitiveness and operational efficiency.

With information from Nicolás Lucas.


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