Home appliances and TVs.
LG Electronics consolidated third-quarter 2017 revenue increased more than 15% with all of LG’s four major business units reporting higher revenues from the same period a year ago.
Quarterly operating income of US$ 455.7 million reflected strong growth in home entertainment and appliances, buoyed by strong sales in North America, Europe and Asia. The company’s home entertainment division reported its highest quarterly operating profit of US$ 404.39 million and record high operating margin of 9.9% thanks to higher demand for premium TVs in the Americas and Asia.
LG said its strategy to overcome volume competition by expanding the premium component of its TV business by focusing on OLED and Ultra HD TVs is proving to be a success. Sales of OLED units by the end of Q3 were equivalent to the total number of units sold in 2016 which was more than double the 2015 figure.
In the mobile division revenues increase of 8% from a year ago and were 4% higher than Q2 thanks to sales of its G6 smartphone as well as mass-tier models such as the Q and K series. The operating loss narrowed 13% from a year ago. According to LG, smartphone shipments were 44% higher than Q2 in the domestic market and 9% higher in North America. The business unit will focus on driving increased sales of the V30 and improving cost competitiveness in the final quarter of the year.