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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 Achieves Highest Third-Quarter Revenue and Sustains
Year-Over-Year Growth for Four Consecutive Quarters
SEOUL, Oct. 24, 2024 — LG Electronics Inc. (LG) today announced its third-quarter 2024 consolidated revenue of KRW 22.18 trillion and an operating profit of KRW 751.9 billion. This revenue marks the highest ever for a third quarter, while the operating profit ranks as the fourth highest in the company’s history.
Several external factors impacted the third quarter, including a prolonged delay in market demand recovery and ongoing geopolitical conflicts worldwide. These challenges led to a rise in global shipping expenses, contributing to increased costs.
Despite these obstacles, LG has achieved year-over-year revenue growth for four consecutive quarters by upgrading its business portfolio. This includes transforming business methods and models and expanding B2B operations. These efforts have allowed LG to partially offset the unavoidable cost increases, enabling the company to maintain a robust operating profit, signifying the retention of strong fundamental competitiveness.
Looking ahead, LG plans to further accelerate its business transformation by expanding home appliance subscriptions, direct-to-consumer (D2C) sales and volume zone product sales. In addition, the company aims to drive steady growth in the B2B sector while also expanding platform-based content and service businesses.
The LG Home Appliance & Air Solution Company generated third-quarter revenue of KRW 8.34 trillion and an operating profit of KRW 527.2 billion. Compared to the same period last year, revenue increased by 11.7 percent and operating profit by 5.5 percent. Despite challenging external conditions, LG’s home appliance business outperformed its peers, reaffirming its top-tier competitiveness. Even with the delayed recovery in global appliance demand, the rapid growth of the subscription business model and B2B HVAC business drove revenue expansion. Although the surge in logistics costs in the second half of the year significantly impacted operating profit, the company achieved results exceeding the same period last year, thanks to revenue growth and exceptional manufacturing competitiveness.
In the fourth quarter, market conditions are expected to gradually improve, as indicated by improvements in leading economic indicators in major countries and interest rate cuts. LG plans to diversify its home appliance lineup and pricing strategy to meet the growing demand in emerging markets, while also expanding new businesses such as subscriptions and D2C sales to maintain revenue growth. The company will continue to focus on efficient operations, considering the seasonal increase in marketing expenses, to secure profitability.
The LG Home Entertainment Company posted third-quarter revenue of KRW 3.75 trillion and an operating profit of KRW 49.4 billion. Revenue increased by 5.2 percent compared to the same period last year, driven by increased shipments in Europe – a key market for OLED TVs. Although the cost burden increased significantly due to a sharp rise in LCD panel prices, the continued growth of the webOS-based content and services business minimized the impact on overall profits.
In the fourth quarter, the TV market is expected to see slight growth, primarily in entry-level products, compared to the same period last year. LG plans to respond flexibly to changes in TV market demand while accelerating growth by expanding its webOS partnerships to increase its user base.
The LG Vehicle component Solutions Company reported third-quarter revenue of KRW 2.61 trillion and an operating profit of KRW 1.1 billion. Revenue increased compared to the same period last year but slightly decreased from the previous quarter due to a slowdown in electric vehicle (EV) demand. Operating profit also declined, impacted by increased R&D expenses for securing software-defined vehicle (SDV) technology and preemptive investments for mass production of order volumes.
The market in the fourth quarter is expected to maintain a growth trend compared to the same period last year and the previous quarter. However, growth is anticipated to slow due to stagnant EV demand. LG plans to focus on sales growth based on its secured order backlog and on strengthening the market position of its main products, including telematics, AVN and motors. Additionally, the company will continue efforts to improve efficiency across its operations and pursue profitability.
The LG Business Solutions Company reported third-quarter revenue of KRW 1.40 trillion and an operating loss of KRW 76.9 billion. Revenue grew year-over-year due to increased sales of strategic products such as gaming monitors and LED signage, as well as securing large-scale B2B orders for PC products. However, the operating loss expanded due to rising LCD panel prices, increased logistics costs, intensified competition and higher investments in nurturing new businesses within the Company.
In the fourth quarter, demand for strategic product lines including gaming monitors and LED signage is expected to grow by double digits compared to the same period last year. Additionally, the rising interest in AI PCs is anticipated to boost demand for premium laptops. Consequently, the Company plans to expand sales of strategic products and focus on improving profitability through efficient operations.
Meanwhile, following a board resolution last month, LG decided to discontinue its battery pack business. As a result, starting from the third-quarter earnings report, related revenue and operating profit will be treated as discontinued operations in the financial statements. This will also lead to adjustments in past revenue and operating profit figures.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on October 24, 2024, at 16:30 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By RedNe
I would like to ask friends in the group, especially someone who uses webos 3.X, to give me Disney+ and Amazon Prime Video *.ipk. many thanks in advance for your help.
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By Chris Schults
I live in netherlands so I have all in dutch on LG. But there are some big tiles on the screen (see image) Thuiskantoor Game Muziek etc.
I do not use them and want to get rid of them. But I can not find anywhere in users guide How to do that. They appeared after last updat of WebOS.
Greetings
Chris
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By News Reporter
New Reality Competition Series Introduces a Smarter Home Lifestyle With
LG Electronics, the Most Reliable Line of Home Appliances in the United States
SEOUL, August 13, 2024 — LG Electronics (LG) is set to launch its episodic original series, Estate of Survival, on Prime Video via Prime Video Direct in nine countries, including the U.S., Canada, Argentina and Chile1 as well as LG Channels.
This brand-new series, which features six exciting episodes, follows the residents of the Estate of Survival mansion as they compete against each other in a variety of challenging missions. By completing these missions, contestants earn home appliances and other items to furnish the spacious abode and, just as importantly, avoid elimination. The last resident standing wins the Estate of Survival ultimate prize: USD $100,000.
In Estate of Survival, contestants compete to acquire household goods, including LG ThinQ-enabled appliances. LG’s appliances are designed to provide exceptional customer experiences and deliver the next-level convenience of the company’s smart lifestyle vision – the Zero Labor Home. Trusted by consumers worldwide, LG has been named the most reliable appliance brand in the U.S. by a leading consumer publication.2
“An engaging and highly-entertaining new reality competition show with a unique premise, Estate of Survival is the ideal platform for showcasing the latest lifestyle innovations from LG, America’s most reliable line of home appliances,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company.
The new series will introduce viewers to a wide range of sophisticated LG home appliances, including the InstaView refrigerator with LG’s exclusive Craft Ice (slow -melting, round ice), the wall oven and induction cooktop range featuring the Scan-to-Cook function, the Smart Top Control Dishwasher with 1-Hour Wash & Dry, QuadWash® Pro, TrueSteam® and Dynamic Heat Dry, the CordZero stick vacuum and the PuriCare air purifier.
Once appliances are installed, contestants enjoy a multitude of time-saving benefits, from washing and drying a load of laundry in under two hours with the LG WashCombo All-in-One laundry solution, to faster cooking and clean up with LG ovens’ Scan-to-Cook and EasyClean features. Scan-to-Cook allows users to send the optimal cooking settings for select frozen meals straight to the oven simply by scanning the barcode on the product packaging.
Always seeking new ways to make the home appliance customer experience even better, LG developed ThinQ Care, which provides helpful alerts to prevent incorrect appliance usage and smart diagnosis to reduce the need for costly and inconvenient service technician visits.
The first two episodes of Estate of Survival will arrive on Prime Video via Prime Video Direct in the U.S. on August 12 and in several other countries soon after. LG TV owners will be able to enjoy the series for free on-demand via LG Channels – the company’s free, premium streaming service – in more than 9 countries, including the U.S., Canada, Mexico and Australia.3
The series will also stream on LG Channels Showcase (Channel #999), LG’s first curated channel featuring fan-favorite movies and LG exclusives. Two episodes will premiere back-to-back weekly on Monday nights, starting Monday, August 12 at 8pm EST.
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1 Estate of Survival is set to launch on Prime Video in the following countries: Argentina, Brazil, Canada, Chile, Ecuador, Mexico, Panama, Peru and the U.S.
2 Consumer Reports evaluates the reliability of home appliances, including refrigerators, dishwashers, over-the-range microwaves, ranges, cooktops, wall ovens, washing machines and dryers, based on the failure rate of approximately 528,800 appliances over a five-year period. LG Electronics received the highest score among all manufacturers producing all eight products under evaluation, from 2012 to 2022 in “the most reliable appliances brand”.
3 Estate of Survival will be available to watch on LG Channels in Argentina, Australia, Canada, Chile, Colombia, Republic of Korea, Mexico, Peru and the U.S.
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