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LG Electronics Profit Beats Estimates on TVs, Mobiles

LG Electronics Profit Beats Estimates on TVs, Mobiles
News from BusinessWeek:

LG Electronics Inc. (066570), the world’s second-largest television maker, reported first-quarter profit that exceeded analyst estimates as TV and smartphone sales led earnings gains at its main businesses.

The company had net income of 242.5 billion won ($ 213 million) in the three months ended March 31, compared with a loss of 15.8 billion won a year earlier, Seoul-based LG said in a statement today. The average of 20 analyst estimates compiled by Bloomberg was for a profit of 181.9 billion won.

Profit at LG’s home-entertainment unit was boosted by sales of high-end TVs featuring 3-D screens and Web-based services, while new devices using Google Inc.’s Android software helped the mobile-phone business return to profit. LG is racing to introduce new smartphones and TVs to narrow the gap with Samsung Electronics Co. (005930) and recover market-share losses in mobile phones to its South Korean competitor and Apple Inc.

“The TV side is improving a lot, nearly showing the best profitability ever, as their product mix is getting better,” Kim Ji San, a Seoul-based analyst at Kiwoom Securities Co., said by phone. “Investors have been the most worried about the mobile business, but profit is widening there, as well.”

LG fell 1.3 percent to 77,700 won at the close of trading in Seoul, after rising as much as 2.3 percent, while the ben…………… continues on BusinessWeek

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Related News:
LG’s Q1 2012 earnings show greater profits on strong TV, phone sales
News from Engadget:


In the Black, Company Reports Significant Improvement by
Focusing on Higher Margins and Efficient Operation

SEOUL, Apr. 25, 2012 — LG Electronics Inc. (LG) today announced that after two consecutive quarters of net losses, the company has turned the corner with a net profit of KRW 243 billion (USD 214.9 million), a direct result of the company’s efforts to innovate in all key business units and focus on high performing products.

Unaudited consolidated financial results, based on IFRS (International Financial Reporting Standards) for the quarter ending March 31, 2012, showed consolidated revenues of KRW 12.2 trillion (USD 10.8 billion) with an operating profit of KRW 448 billion (USD 396.1 million). This compares favorably to the consolidated operating profit of KRW 280 billion for all of 2011.

LG Home Entertainment Company posted significantly improved operating profit in the quarter, compared with the same period a year ago. Sales, while strong at KRW 5.3 trillion (USD 4.7 billion), declined by 6.8 percent compared with the first-quarter of 2011, largely due to the a sluggish European economy. Due in large part to the popularity of new products such as CINEMA SCREEN 3D Smart TV in the Korean market and improvements in supply chain managemen…………… continues on Engadget

… Read the full article


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