{"id":22636,"date":"2023-10-11T02:38:00","date_gmt":"2023-10-11T02:38:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4235054_AE35054_0"},"modified":"2023-10-11T02:38:00","modified_gmt":"2023-10-11T02:38:00","slug":"lg-releases-preliminary-earnings-for-third-quarter-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=22636","title":{"rendered":"LG Releases Preliminary Earnings for Third-Quarter 2023"},"content":{"rendered":"

Second Highest Third-Quarter Revenues and Operating Profit<\/i><\/p>\n

Driven by Home Appliances and Vehicle Solutions<\/i><\/p>\n

SEOUL, South Korea<\/span>, Oct. 11, 2023<\/span> \/PRNewswire\/ — LG Electronics Inc. (LG) today announced its preliminary earnings results for the third quarter of 2023.<\/p>\n

\n

\"(Image) <\/a>
(Image) LG Releases Preliminary Earnings for Third-Quarter 2023<\/span><\/p>\n<\/p><\/div>\n

LG reported consolidated revenues of KRW 20.7 trillion<\/span> and operating profit of KRW 996.7 billion<\/span> in the third quarter of 2023, both the second highest third-quarter figures in the company’s history.<\/p>\n

Driven by the major business of home appliances as well as vehicle solutions, LG’s future growth engine, the company accelerated the qualitative growth of its business despite the economic slowdown and prolonged decline in demand. Operating profit increased more than 30 percent compared to the same period last year as well as the second quarter of 2023.<\/p>\n

LG’s efforts to upgrade business portfolio to expand the proportion of its B2B businesses, including automotive parts and HVAC, based on its deep understanding and experience of customers accumulated through years in the consumer-facing business have also led to continued growth.<\/p>\n

In addition to the rapidly growing B2B business, the company continuously boosted its B2C business by combining products with content and services and expanding high-demand lineups based on the competitiveness of premium products such as LG OLED TVs and LG Objet Collection.<\/p>\n

In July, LG CEO William Cho<\/span> announced his future vision to create customer value, secure future growth opportunities and transform into a smart life solution company that connects and expand spaces and experiences beyond home appliances. The positive results of the third quarter despite the economic depression and maintaining growth momentum is evidence that the portfolio transformation to achieve the company’s future vision is progressing smoothly.<\/p>\n

LG also made continuous efforts to improve business structure and apply digital transformation across the company to innovate customer experiences, which have led to the maximizing of efficiency of the entire value chain, including purchasing, manufacturing, logistics and sales.<\/p>\n

The LG Home Appliance & Air Solution Company<\/i> has seen significant growth in the B2B area with its HVAC solutions. The company aims to further expand its air conditioning business with heat pumps and ESS in response to the growing demand for eco-friendly and high-efficiency products in North America<\/span> and Europe<\/span>. And, launched in the third quarter, LG ThinQ UP 2.0 \u2013 a smart home innovation that combines home appliances and subscription services \u2013 has already received positive responses from customers and is leading change in the home appliance paradigm.<\/p>\n

The LG Vehicle component Solutions Company<\/i> continued its rapid growth trend in the third quarter based on an order backlog expected to reach KRW 100 trillion<\/span> by the end of the year and stable supply chain management, with the pace of growth also accelerating. In terms of profitability, there is also an economic effect of scale due to the expansion of sales. The company is expected to exceed KRW 10 trillion<\/span> in annual sales for the first time this year. LG is also speeding up the establishment of regional production bases in response to the growing demand to convert to electric vehicles from major global customers.<\/p>\n

The LG Home Entertainment Company<\/i> is accelerating its business transition from a product-based business to a media and entertainment platform as the content and service business continues to grow. To this end, in addition to expanding collaboration with various content providers, the company has recently started upgrading TV operating systems for the first time in the industry to expand the content experience of customers. The number of TVs powered by webOS, the foundation of the content and service business, is expected to reach 300 million units by 2026.<\/p>\n

The LG Business Solutions Company<\/i> continues to innovate customer experience with premium IT lineups such as commercial displays and foldable laptops that provide customized solutions, while also rapidly fostering the electric vehicle charging business, one of LG’s new growth engines.<\/p>\n

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.<\/p>\n

About LG Electronics, Inc.<\/b><\/p>\n

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies \u2013 Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions \u2013 combined for global revenue of over KRW 80 trillion<\/span> in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com<\/a> for the latest news.<\/p>\n

\n

\"(Image) <\/a>
(Image) LG Releases Preliminary Earnings for Third-Quarter 2023<\/span><\/p>\n

\"LG <\/a>
LG Electronics Logo.<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Second Highest Third-Quarter Revenues and Operating Profit Driven by Home Appliances and Vehicle Solutions SEOUL, South Korea, Oct. 11, 2023 \/PRNewswire\/ — LG Electronics Inc. (LG) today announced its preliminary earnings results for the third quarter of 2023. (Image) LG Releases Preliminary Earnings for Third-Quarter 2023 LG reported consolidated revenues of KRW 20.7 trillion and […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22636","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nLG Releases Preliminary Earnings for Third-Quarter 2023 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=22636\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LG Releases Preliminary Earnings for Third-Quarter 2023 - My Blog\" \/>\n<meta property=\"og:description\" content=\"Second Highest Third-Quarter Revenues and Operating Profit Driven by Home Appliances and Vehicle Solutions SEOUL, South Korea, Oct. 11, 2023 \/PRNewswire\/ — LG Electronics Inc. (LG) today announced its preliminary earnings results for the third quarter of 2023. (Image) LG Releases Preliminary Earnings for Third-Quarter 2023 LG reported consolidated revenues of KRW 20.7 trillion and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/transmediavictoria.net.au\/?p=22636\" \/>\n<meta property=\"og:site_name\" content=\"My Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T02:38:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnasia.com\/media2\/2244003\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600\" \/>\n<meta name=\"author\" content=\"admin_tony\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin_tony\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636\"},\"author\":{\"name\":\"admin_tony\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/#\\\/schema\\\/person\\\/5b51d407d652c0aa802bea269ea5d7e7\"},\"headline\":\"LG Releases Preliminary Earnings for Third-Quarter 2023\",\"datePublished\":\"2023-10-11T02:38:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636\"},\"wordCount\":785,\"image\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnasia.com\\\/media2\\\/2244003\\\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600\",\"articleSection\":[\"Business News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636\",\"url\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636\",\"name\":\"LG Releases Preliminary Earnings for Third-Quarter 2023 - My Blog\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnasia.com\\\/media2\\\/2244003\\\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600\",\"datePublished\":\"2023-10-11T02:38:00+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/#\\\/schema\\\/person\\\/5b51d407d652c0aa802bea269ea5d7e7\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#primaryimage\",\"url\":\"https:\\\/\\\/mma.prnasia.com\\\/media2\\\/2244003\\\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600\",\"contentUrl\":\"https:\\\/\\\/mma.prnasia.com\\\/media2\\\/2244003\\\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?p=22636#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/transmediavictoria.net.au\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"LG Releases Preliminary Earnings for Third-Quarter 2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/#website\",\"url\":\"https:\\\/\\\/transmediavictoria.net.au\\\/\",\"name\":\"My Blog\",\"description\":\"My WordPress Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/transmediavictoria.net.au\\\/#\\\/schema\\\/person\\\/5b51d407d652c0aa802bea269ea5d7e7\",\"name\":\"admin_tony\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/102836fe5f9cd6c64e96e90e7341dbc815b7d12726a85708326dc0db40afd906?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/102836fe5f9cd6c64e96e90e7341dbc815b7d12726a85708326dc0db40afd906?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/102836fe5f9cd6c64e96e90e7341dbc815b7d12726a85708326dc0db40afd906?s=96&d=mm&r=g\",\"caption\":\"admin_tony\"},\"url\":\"https:\\\/\\\/transmediavictoria.net.au\\\/?author=8\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"LG Releases Preliminary Earnings for Third-Quarter 2023 - My Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/transmediavictoria.net.au\/?p=22636","og_locale":"en_US","og_type":"article","og_title":"LG Releases Preliminary Earnings for Third-Quarter 2023 - My Blog","og_description":"Second Highest Third-Quarter Revenues and Operating Profit Driven by Home Appliances and Vehicle Solutions SEOUL, South Korea, Oct. 11, 2023 \/PRNewswire\/ — LG Electronics Inc. (LG) today announced its preliminary earnings results for the third quarter of 2023. (Image) LG Releases Preliminary Earnings for Third-Quarter 2023 LG reported consolidated revenues of KRW 20.7 trillion and […]","og_url":"https:\/\/transmediavictoria.net.au\/?p=22636","og_site_name":"My Blog","article_published_time":"2023-10-11T02:38:00+00:00","og_image":[{"url":"https:\/\/mma.prnasia.com\/media2\/2244003\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600","type":"","width":"","height":""}],"author":"admin_tony","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin_tony","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/transmediavictoria.net.au\/?p=22636#article","isPartOf":{"@id":"https:\/\/transmediavictoria.net.au\/?p=22636"},"author":{"name":"admin_tony","@id":"https:\/\/transmediavictoria.net.au\/#\/schema\/person\/5b51d407d652c0aa802bea269ea5d7e7"},"headline":"LG Releases Preliminary Earnings for Third-Quarter 2023","datePublished":"2023-10-11T02:38:00+00:00","mainEntityOfPage":{"@id":"https:\/\/transmediavictoria.net.au\/?p=22636"},"wordCount":785,"image":{"@id":"https:\/\/transmediavictoria.net.au\/?p=22636#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnasia.com\/media2\/2244003\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600","articleSection":["Business News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/transmediavictoria.net.au\/?p=22636","url":"https:\/\/transmediavictoria.net.au\/?p=22636","name":"LG Releases Preliminary Earnings for Third-Quarter 2023 - My Blog","isPartOf":{"@id":"https:\/\/transmediavictoria.net.au\/#website"},"primaryImageOfPage":{"@id":"https:\/\/transmediavictoria.net.au\/?p=22636#primaryimage"},"image":{"@id":"https:\/\/transmediavictoria.net.au\/?p=22636#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnasia.com\/media2\/2244003\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600","datePublished":"2023-10-11T02:38:00+00:00","author":{"@id":"https:\/\/transmediavictoria.net.au\/#\/schema\/person\/5b51d407d652c0aa802bea269ea5d7e7"},"breadcrumb":{"@id":"https:\/\/transmediavictoria.net.au\/?p=22636#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/transmediavictoria.net.au\/?p=22636"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/transmediavictoria.net.au\/?p=22636#primaryimage","url":"https:\/\/mma.prnasia.com\/media2\/2244003\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600","contentUrl":"https:\/\/mma.prnasia.com\/media2\/2244003\/Image__LG_Releases_Preliminary_Earnings_for_Third_Quarter_2023_1.jpg?p=medium600"},{"@type":"BreadcrumbList","@id":"https:\/\/transmediavictoria.net.au\/?p=22636#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/transmediavictoria.net.au\/"},{"@type":"ListItem","position":2,"name":"LG Releases Preliminary Earnings for Third-Quarter 2023"}]},{"@type":"WebSite","@id":"https:\/\/transmediavictoria.net.au\/#website","url":"https:\/\/transmediavictoria.net.au\/","name":"My Blog","description":"My WordPress Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/transmediavictoria.net.au\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/transmediavictoria.net.au\/#\/schema\/person\/5b51d407d652c0aa802bea269ea5d7e7","name":"admin_tony","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/102836fe5f9cd6c64e96e90e7341dbc815b7d12726a85708326dc0db40afd906?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/102836fe5f9cd6c64e96e90e7341dbc815b7d12726a85708326dc0db40afd906?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/102836fe5f9cd6c64e96e90e7341dbc815b7d12726a85708326dc0db40afd906?s=96&d=mm&r=g","caption":"admin_tony"},"url":"https:\/\/transmediavictoria.net.au\/?author=8"}]}},"_links":{"self":[{"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=\/wp\/v2\/posts\/22636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22636"}],"version-history":[{"count":0,"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=\/wp\/v2\/posts\/22636\/revisions"}],"wp:attachment":[{"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/transmediavictoria.net.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}