LG Electronics Posts 44% Jump in Third-Quarter Net Profit

By Kwanwoo Jun

LG Electronics posted a 44% jump in third-quarter net profit, led by strong earnings from its home-appliance and vehicle-components segments.

Net profit for the quarter ended September was 485.20 billion Korean won ($358.5 million) compared with net profit of KRW336.50 billion in the same quarter a year earlier, the South Korean consumer-electronics giant said Friday.

That beat a FactSet-compiled consensus forecast for net profit of KRW377.00 billion.

Operating profit gained 33% on year to KRW996.70 billion during the quarter, as revenue edged down 2.2% to KRW20.709 trillion.

Both revenue and operating profit were largely in line with the company's preliminary forecasts.

The company attributed the upbeat quarterly results to strong profits from its core home-appliance business and also its new growth engine, vehicle parts and solutions.

Operating profit from home appliances more than doubled on year during the quarter while that from the car-components segment hit a quarterly record, it said.

LG Electronics expects the order backlog and revenue for its vehicle business to reach KRW100 trillion and KRW10 trillion, respectively, in 2023.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

October 27, 2023 02:15 ET (06:15 GMT)

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