LG releases preliminary earnings for first quater 2023

LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2023.

LG reported revenues of KRW 20.4 trillion, the second highest quarterly revenue, with operating profit of KRW 1.5 trillion, the third highest quarterly operating profit, in the first quarter of 2023.

Despite the impact of challenging global economic conditions, the record sales reflect the company’s radical improvement on effectively managing the business structure and operational method.

Most notably, it is significant that there was substantial increase in profitability this year considering the positive impact of the royalty income compared to the operating profit of first quarter last year. As for the business structure, the company’s automotive parts business is growing rapidly with its B2B segment expanding continuously. Non-hardware business areas, such as software platforms, content, services and solutions, as well as Online Brand Shop (OBS) are achieving significant growth.

Attributing to the company’s substantial records, LG is also supplying energy efficient products including heat pumps and Energy Storage System (ESS) that address customers’ needs. The company is also strengthening its mass-tier lineup in response to ever-changing market trends and maximizing customer value.

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.