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By News Reporter
Company Achieves Highest Annual Revenue as Home Appliances and Vehicle
Components Continue Growth for Ninth Consecutive Year
SEOUL, Jan. 23, 2025 — LG Electronics Inc. (LG) announced its financial results for the year 2024, disclosing a consolidated revenue of KRW 87.73 trillion and an operating profit of KRW 3.42 trillion. This marks a new record for the highest annual revenue in the company’s history.
In terms of revenue, both the home appliances and the vehicle components business continued their growth for the ninth consecutive year, contributing to the company’s highest revenue achievement. The LG Home Entertainment Company and Business Solutions Company also saw an increase in revenue compared to the previous year.
Operating profit experienced a slight decline compared to the previous year, primarily due to external factors such as a delayed recovery in global demand for home appliances and increased logistics costs in the second half of the year. Despite these challenges, the company maintained a stable profit structure on an annual basis. This stability was achieved through qualitative growth resulting from business portfolio restructuring and the operating leverage effect from increased sales.
2024 Business Performance
The LG Home Appliance & Air Solution Company reported a revenue of KRW 33.2 trillion in 2024. After surpassing KRW 30 trillion in annual revenue for the first time two years ago, the Company has continued to demonstrate sustainable performance, achieving double-digit revenue growth last year. Operating profit reached KRW 2.04 trillion, overcoming the challenges posed by increased logistics costs. This marks the first time since 2021 that the Company has exceeded KRW 2 trillion in operating profit.
The Company’s qualitative growth was driven by changes in its business models, which include home appliance subscriptions and Direct-to-Consumer sales. Revenue from home appliance subscriptions surged by over 75 percent compared to the previous year, nearing KRW 2 trillion. In addition, the B2B segment, which includes heating, ventilation and air conditioning (HVAC) systems, continued to expand.
The LG Home Entertainment Company reported a revenue of KRW 15.23 trillion and an operating profit of KRW 315.9 billion in 2024. Sales of OLED TVs saw growth in regions such as Europe and Asia, driven by global sports events. Additionally, the webOS-based advertising and content business surpassed KRW 1 trillion in annual revenue.
The LG Vehicle component Solutions Company reported a revenue of KRW 10.62 trillion in 2024, marking the second consecutive year it has surpassed KRW 10 trillion in revenue. Despite experiencing a temporary slowdown in demand for electric vehicles, the Company demonstrated stable revenue growth for the ninth consecutive year, supported by a high order backlog. However, operating profit decreased to KRW 115.7 billion compared to the previous year, primarily due to increased development costs for new order projects and R&D investments aimed at transitioning to software-defined vehicles (SDV).
The LG Business Solutions Company reported a revenue of KRW 5.69 trillion in 2024, with an operating loss of KRW 193.1 billion. The increase in revenue was driven by a focus on customized commercial displays for sectors such as hotels, stores, businesses and schools, as well as premium IT products like the LG gram. However, the Company continued to face operating losses due to rising raw material prices for key products and intensified market competition.
2025 Business Directions
LG will consistently pursue qualitative growth through business portfolio innovation, despite the rapidly changing global market and competitive environment. Following the regrouping of the company’s business operation units at the end of last year, LG aims to enhance synergies between its businesses and improve operational efficiency. Additionally, LG will focus on strengthening the fundamental competitiveness of its businesses in terms of quality and cost, while securing a sound profit structure.
The LG Home Appliance Solution Company plans to launch new products with regional specialization and AI applications, aiming to expand sales by increasing sales of its volume zone lineups. The Company will also advance its AI home solution business to achieve its goal of “Zero Labor Home, Makes Quality Time.” Additionally, the subscriptions business will actively expand beyond Korea, Malaysia and Taiwan to include Thailand, India and other regions, continuously creating new opportunities.
The LG Media Entertainment Solution Company aims to expand sales of premium products such as OLED and QNED, while providing differentiated customer experiences through AI features. The Company will integrate operations of LG’s screen-based businesses – including TVs, IT devices and information displays – to enhance synergies between hardware and platform businesses. Additionally, webOS will be developed into an integrated content and services platform for both indoor and outdoor use through continuous content investment and partnership expansion.
The LG Vehicle Solution Company aims to focus on going beyond a supplier of vehicle components to becoming a provider of innovative solutions for the entire vehicular experience. The Company will focus on securing SDV capabilities in preparation for the future. It will also strive to maintain stable revenue based on its order backlogs while improving profitability through product mix enhancement and overall operational improvements.
The newly established LG Eco Solution Company aims to rapidly grow LG’s HVAC business into a global top-tier player by leveraging its core technological competitiveness in key components such as motors and compressors. The Company will focus on building locally self-sustainable production systems and developing region-specific solutions. It will provide comprehensive solutions optimized for various spaces, including industrial, commercial, public and residential facilities, ranging from large chillers to commercial and residential air conditioners.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 23, 2025, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
Company Sets New Record for Annual Revenue
SEOUL, Jan. 8, 2025 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2024, reporting a consolidated revenue of KRW 87.74 trillion and an operating profit of KRW 3.43 trillion. This marks a new record for the highest annual revenue in the company’s history.
Over the past four years, LG’s consolidated revenue has seen a compound annual growth rate of over 10 percent. The company has managed to grow while maintaining solid fundamentals amidst various external uncertainties. Strategic shifts in business models, including subscription services and Direct-to-Consumer (D2C) initiatives, have driven growth beyond the limits of its core businesses. The expansion of Business-to-Business (B2B) operations has also contributed significantly to the revenue increase.
Despite various challenges, profitability remained stable on an annual basis. In the second half of last year, unexpected global shipping cost surges and one-time costs for inventory rationalization impacted profitability. However, the overall annual business performance showed positive qualitative growth driven by business portfolio realignment.
In the fourth quarter of last year, LG recorded consolidated revenue of KRW 22.78 trillion and an operating profit of KRW 146.1 billion. This year, the company aims to accelerate qualitative growth through business portfolio transformation. LG will focus on strengthening fundamental competitiveness in areas such as quality and cost while maximizing efforts to secure a robust profit structure through fixed cost efficiency.
The home appliance business, a core segment for the company, is expected to surpass KRW 30 trillion in revenue for the second consecutive year. The strategy of expanding AI appliances and volume zone lineups, along with diversifying business models to subscription and D2C, has driven solid performance. Growth in the B2B sector, including heating, ventilation and air conditioning (HVAC), built-in appliances and component solutions, continues steadily.
LG plans to expand its subscription business to countries such as Thailand and India, in addition to existing markets like Korea, Malaysia and Taiwan. The HVAC business, which holds the largest share in LG’s home appliance B2B area, will now operate as an independent business unit to become a global top-tier, comprehensive air solutions business.
In the TV business, despite the overall market experiencing delayed demand recovery, demand in premium markets such as Europe is gradually improving. The company’s webOS-based advertising and content business continues to expand its ecosystem across TVs, smart monitors and automotive infotainment systems. Beginning this year, the company will seek to further expand the foundations of its advertising and content business through its OLED and QNED “Dual Track” strategy in premium markets, as well as meeting market-specific demands across the globe with volume zone lineups. Additionally, in accordance with last year’s organizational restructuring, the company plans to enhance synergies between hardware and platform businesses through the integrated operation of its screen-based offerings including TVs and IT and ID products.
The vehicle component business has experienced a temporary slowdown in demand for electric vehicles. Despite this, it has continued to achieve solid results and is on track to surpass KRW 10 trillion in revenue for the second consecutive year. The company will focus on responding to the transition to software-defined vehicles (SDV) and strengthening internal stability through profitability-centered operations.
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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By News Reporter
Transitioning Between Transparent to Opaque Screen, LG SIGNATURE OLED T
Introduces New Viewing Possibilities and a New Era in Home Entertainment
SEOUL, Dec. 19, 2024 — LG Electronics (LG) is set for the global launch of the 77-inch LG SIGNATURE OLED T, the world’s first transparent and true wireless 4K OLED TV. This groundbreaking model will be available in the U.S. this December, with additional markets to follow.
Unveiled at CES® 2024, the LG SIGNATURE OLED T represents a monumental leap in both technology and design innovation, reflecting LG’s relentless drive to delivering new and better. Its cutting-edge self-lit screen can transform from transparent to opaque screen; a unique ability that provides the OLED viewing experience while offering greater freedom in living space. Recognized globally, LG’s transparent OLED made TIME’s Best Inventions 2024 list and received a total of five CES 2024 Innovation Awards, including a Best of Innovation honor.
Users can effortlessly switch between transparent and opaque modes at the touch of a button, unlocking unique possibilities for entertainment and space design. When in transparent mode, the OLED T offers a futuristic content experience that must be seen to be believed. The screen not only creates the illusion of content floating in mid-air but also produces a mesmerizing effect by “merging” the on-screen visuals with the surrounding space.
LG OLED T further elevates the user experience with a suite of versatile features that optimally leverage the unique advantages of a transparent OLED screen, enhancing its distinctive value.
One standout feature is T-Objet, an Always-On-Display (AOD) mode that transforms the screen into a transparent digital canvas, ideal for showcasing artwork, videos or photos in outstanding color and clarity. Complementing this is T-Bar, a sleek info-ticker that appears along the bottom edge of the screen, providing sports results, IoT device statuses, weather forecasts or song title information. The rest of the screen remains unused when T-Bar is active, presenting a clean, uncluttered look and a clear view of the space behind LG’s “virtually invisible” display. For added convenience, T-Home offers a user-friendly interface that delivers a well-organized overview of available services, as well as quick access to apps, settings and other features.
Despite its stunning 77-inch screen size, the LG OLED T enhances the feeling of space within a room, providing a sense of openness that conventional TVs simply cannot. Its transparency allows it to be placed centrally without being obtrusive or positioned in front of windows without blocking natural light or views of the outdoors.
The transparent 4K OLED screen, combined with LG’s true wireless video and audio transmission technology, promises not only the aesthetic value but also an enhanced home entertainment experience. Free from tangled cables, the device delivers an immersive, distraction-free viewing environment.
The OLED T advances innovation with LG’s proprietary Zero Connect Box, a visually lossless wireless video and audio transmission solution* without latency ensuring a seamless viewing experience. By supporting 4K at 120Hz variable refresh rate, OLED T has been certified by NVIDIA G-SYNC® Compatible and AMD FreeSync Premium to eliminate tearing and stuttering for the most dynamic, true-to-life gaming experience.
The LG SIGNATURE OLED T carries forward LG’s legacy of providing superior picture quality and immersive viewing experiences – hallmarks of LG OLED TVs since the very first model hit the market in 2013. Building on over a decade of OLED innovation, LG’s one-of-a-kind TV brings images fully to life with vibrant, precisely reproduced colors and incredible contrast. Powered by LG’s advanced α (Alpha) 11 AI processor, the OLED T intelligently optimizes both picture and sound quality, delivering unparalleled visual and auditory experiences.
“LG SIGNATURE OLED T is an exceptional user-focused innovation that offers a distinctive, multi-faceted viewing experience and unprecedented spatial flexibility,” said Park Hyoung-sei, president of the LG Media Entertainment Solution Company. “LG remains at the forefront of innovation by combining its industry-leading OLED technology with unique form factors, transparent screens, wireless connectivity and more, delivering unparalleled, life-enriching advancements no other TV maker can replicate.”
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* Wireless transmission refers to the transferring of video and audio signals between a TV screen and the Zero Connect Box. Visually lossless, based on internal test results with ISO/IEC 29170-2 and measurement results may vary depending on connection status.
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By Gene680
It turns my channel off at random times exactly 11 minutes after the hour. I checked and double checked the settings looking for timers, etc. any fixes that I’m missing? It’s when I’m streaming on Sling.
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By pingber
All of a sudden, the row of inputs showed up at the bottom of the home screen on my C1. I’ve tried every setting but can’t seem to get rid of them. I used to just call them up as needed (input button on remote) but now they’re there permanently. Any ideas?
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