LG Electronics Second-Quarter Net Profit Tripled on Year
By Kwanwoo Jun
LG Electronics' net profit in the second quarter more than tripled from a year earlier, sustaining its solid growth after a profit turnaround in the prior quarter.
The solid quarterly results from the South Korean consumer electronics giant were largely driven by its home appliance and vehicle-component businesses.
Net profit for the quarter ended in June was 629.50 billion won, the equivalent of about $455.0 million, compared with 195.30 billion won for the same period a year earlier, the company said Thursday.
That missed a FactSet-compiled consensus forecast for net profit of 633.86 billion won.
Revenue during the quarter rose 8.5% on year to 21.694 trillion won, while operating profit jumped 61% on year to 1.196 trillion, largely in line with the company's preliminary forecasts.
LG Electronics said the figures marked new record highs for the company's second-quarter revenue and operating profit.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
July 25, 2024 02:26 ET (06:26 GMT)
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