LG Electronics preliminary earnings for the second quarter of 2021

July 11th 2021

2 mins read

LG Electronics preliminary earnings for the second quarter of 2021

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LG Electronics has announced its earnings guidance for the second quarter of 2021. The company recorded a 48.4% increase in revenue compared to the second quarter of 2020 and the highest quarterly revenue in the company’s history.

The consolidated revenue of LG in the Q2 of 2021 was KRW 17.1 trillion ($15 billion). Operating profit for the period was KRW 1.1 trillion ($967 million), expected to be 65.5 percent higher than the second quarter a year ago.

	Q1 2021 Results in won	Q2 2021 Guidance in won
Revenue	KRW 18.81 trillion (USD 16.90 billion)	KRW 17.1 trillion ($15 billion)
Profit	KRW 1.52 trillion (USD 1.36 billion)	KRW 1.1 trillion ($967 million)

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Image: LG Wing

Source: Counterpoint Research

LG’s mobile communications unit will be treated as discontinued operations losses on the company’s second-quarter income statement, as we know that the company confirmed it will exit its smartphone business by the end of July. LG also said that earnings for the first quarter of 2021 will also be adjusted to reflect this change, From KRW 18.81 trillion to KRW 17.8 trillion in revenues and from KRW 1.52 trillion to KRW 1.8 trillion in operating profit.

LG will release its full earnings report by the end of this month, which will show the performance of each business division. Analysts expect the company’s home entertainment unit will report solid earnings with the rise of OLED TV sales.

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