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LG Electronics’ 2021 earnings to high W70tr with no mobile biz

An exterior view of LG Electronics exhibition booth at CES 2022 in Las Vegas. (LG Electronics)

An exterior perspective of LG Electronics exhibition sales space at CES 2022 in Las Vegas. (LG Electronics)

LG Electronics has topped 70 trillion gained ($58.2 billion) in total-year product gross sales for the initially time in its historical past in an earnings shock, in the same yr that the group took down its cellular cellphone firm, a preliminary submitting confirmed Friday.

The earnings of LG Electronics arrived to 74.72 trillion gained by way of 2021, up 28.7 p.c from the earlier calendar 12 months, in line with its preliminary consolidated fiscal report. This defeat the earnings consensus estimate by South Korean analysts. In response to market tracker FnGuide, LG Electronics was projected to log 73.7 trillion gained in gross sales earlier 12 months.

Its once-a-year working earnings, nevertheless, fell 1 % to three.87 trillion obtained, diminished than the consensus estimate at 4 trillion gained.

This arrives 9 months quickly after LG shut its mobile cellphone firm worldwide in April final 12 months. However LG‘s house home equipment, air purifiers, family amusement merchandise as completely as cell cellphone parts lower than LG subsidiary LG Innotek look to have contributed to the historical past earnings.

Till September, LG‘s earnings from house home equipment, residence leisure devices and cellphone components accounted for virtually 80 p.c of its complete income, while the combined working cash from the a number of corporations have been better than the companywide determine.

LG Electronics didn’t specify the comprehensive-12 months earnings by spots of enterprise enterprise.

Now, all eyes are on no matter whether or not LG Electronics will have the ability to beat its residence tools rival Whirlpool this 12 months by income. From January to September, LG’s property equipment group recorded 20.58 trillion obtained, though Whirlpool‘s net gross sales got here to $16.17 billion.

The share worth of LG Electronics, buying and selling on the Korea Alternate, climbed 1.9 per cent to 137,500 gained Friday.

By Son Ji-hyoung ([email protected])

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