SEOUL, South Korea — LG Electronics Inc. (066570. KS) has announced that its first-quarter 2024 consolidated revenue reached a record-breaking KRW 21.09 trillion (US$15.36 billion), with an operating profit of KRW 1.33 trillion (US$968.37 million).
The South Korean electronics giant attributed its strong performance to its home appliance sector, which achieved double-digit operating profit margins and the steady expansion of its EV components business.
Additionally, the TV and business solutions sectors experienced year-on-year sales growth and returned to profitability compared to the previous quarter.
The LG home appliance division generated revenue of KRW 8.6 trillion (US$6.26 billion), representing a 7.2% increase from the same period last year.
Moreover, the division achieved an operating profit of KRW 940.3 billion (US$684.71 million).
The company's strategic focus on innovation, subscription services, and B2B ventures has significantly enhanced its global competitiveness.
The vehicle component solutions division reported revenue of KRW 2.66 trillion (US$1.94 billion), representing an 11.5% year-on-year increase, and an operating profit of KRW 52 billion (US$37.85 million).
LG is developing a balanced portfolio of EV components, from in-vehicle infotainment to powertrains and headlamps, to ensure sustained growth.
In the forthcoming period, LG anticipates a gradual recovery of demand for televisions, focusing on the second half of the year.
To capitalize on this expected growth, the company plans to leverage its OLED and QNED TV offerings while also enhancing the profitability of its webOS platform business.
US$1=KRW1,373.67
