LG announces Q1 2024 financial results
LG Electronics Inc. announced first quarter 2024 consolidated revenue of $16.4 billion and operating profit of $1.001 billion.
The LG Home Appliance & Air Solution Company generated first quarter revenue of $8.4 billion and an operating profit of $707 million. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first quarter performance.
The LG Vehicle Component Solutions Company reported first quarter revenue of $2.002 billion and an operating profit of $39 million, reflecting an 11.5 percent year on year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily.
The LG Home Entertainment Company reported first quarter revenue of $2.6 billion and an operating profit of $99.5 million. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in television demand in Europe and the successful launch of new 2024 models.
The LG Business Solutions Company reported first quarter revenue of $1.1 billion, marking a 6.5 percent increase year over year, and an operating profit of $19.6 million. The launch of new LG gram laptops, featuring on device artificial intelligence and timed for graduation and enrollment seasons, garnered positive market feedback.
In addition, sales of commercial display products, including electronic whiteboards and light-emitting diode signage, experienced growth.