LG achieves record quarterly sales and profits due to strong demand for OLED and LCD TVs
LG achieved record sales and profit in the first quarter of 2021, partly due to the high demand for OLED and more expensive NanoCell LCD TVs. The smartphone division was LG’s only business unit that made less profit, although turnover remained the same as last year.
LG’s Home Entertainment division, which includes the company’s TVs, achieved a turnover of 2.99 billion euros in the first quarter. This is 34.9 percent more than a year earlier. The profit amounted to converted 299 million euros, 23.9 percent more than a year earlier.
LG writes that these rising numbers are mainly the result of good sales in North America and Europe. There was a high demand for OLED TVs and premium LCD TVs and the company wants to focus on this further this year.
LG’s auto components business, with a turnover of 1.4 billion euros, achieved a turnover of 43.5% higher than a year earlier. This industry lost 518,777 euros, the smallest loss in a year. LG says this loss was reduced by recovering demand for auto parts, mainly in North America and Europe.
LG’s smartphone branch achieved a turnover of 740 million euros, approximately the same as a year earlier. The loss grew by 28 percent to 208 million euros. LG will stop making and selling smartphones at the end of July.
LG Electronics had in the first quarter a total turnover of EUR 13.95 billion and a profit of EUR 1.12 billion. These are the highest quarterly figures in the history of the South Korean electronics brand. The operating profit of 8.1 percent of sales is also a record for the first quarter. The company says these record numbers are due to people spending more time at home and buying more home and entertainment devices as a result.
LG OLED TVs for 2021