LG Electronics reported a robust financial performance for the second quarter of 2024, driven by strong consumer demand across key product lines. The company posted consolidated revenues of ₩21.69 trillion (approximately US$17 billion), an 8.5% increase compared to the same period last year. This growth is primarily attributed to a surge in sales of home appliances and premium TV segments .
Operating profit for the quarter reached ₩1.2 trillion (approximately US$942 million), marking a significant improvement from the previous year’s ₩741.9 billion (approximately US$582 million) . The enhanced profitability is largely due to effective cost management strategies and an increased focus on high-margin products. Additionally, LGE’s strategic investments in smart home technologies have begun to yield positive results, contributing to both revenue and margin expansion.
The company’s Home Appliance & Air Solution division, which includes washing machines, refrigerators, and air conditioners, experienced a 10.6% revenue increase, reaching ₩8.84 trillion (approximately US$6.9 billion) . Meanwhile, the Home Entertainment division saw a 15.3% rise, propelled by the continued success of its OLED TV range and new product launches in the gaming monitor segment, achieving sales of ₩3.62 trillion (approximately US$2.8 billion) .
LGE’s performance in North America and Europe was particularly noteworthy, with these regions accounting for a substantial portion of the revenue growth. The company also made strides in expanding its market share in emerging markets, further bolstering its global footprint.
Looking ahead, LGE remains optimistic about sustaining its growth trajectory, anticipating continued demand for its innovative product offerings. The company plans to enhance its product portfolio and invest in cutting-edge technologies to maintain its competitive edge in the global market.
