LG Announces Q3 2024 Financial Results

LG Electronics (LG) reported record-breaking third-quarter 2024 revenue of KRW 22.18 trillion and an operating profit of KRW 751.9 billion, despite challenges like sluggish market recovery and rising global shipping costs. This marks the fourth consecutive quarter of year-over-year growth, driven by LG’s business transformation, including a focus on B2B operations and strategic portfolio upgrades.

LG’s Home Appliance & Air Solution division saw revenue grow 11.7% year-over-year, bolstered by the expanding subscription and B2B HVAC markets. Though operating profit faced pressure from increased logistics costs, strong manufacturing performance helped the division achieve significant growth.

The Home Entertainment division’s revenue rose by 5.2%, supported by strong OLED TV sales in Europe. However, profit was impacted by rising LCD panel costs. LG aims to expand its webOS-based content and services to drive future growth in the TV market.

LG’s Vehicle component Solutions division experienced modest revenue growth, but EV demand slowed and R&D expenses rose, leading to a slight dip in profit. Despite these challenges, the division is focused on leveraging its order backlog to secure growth in the coming quarter.

The Business Solutions division reported revenue growth thanks to rising demand for strategic products like gaming monitors and LED signage. However, increased competition and costs led to an operating loss, with LG planning to improve profitability through efficient operations.

LG also announced its decision to discontinue its battery pack business, reflecting this change in its financial reporting starting this quarter. LG continues to pursue growth in emerging markets, while expanding its D2C and platform-based services to maintain long-term competitiveness.