What They Say
LG Electronics reported its results for 2021 with sales overall of $63.16 billion (+28.7% over 2020) and with operating profit of $3.27 billion. The firm cited OLED TVs and premium home appliances as drivers of growth.
The LG Home Entertainment Company reported 2021 revenue growth of 30.6% to $14.56 billion with operating profit increasing 18.1% over the previous year to $929.68 million.
The LG Business Solutions Company achieved 2021 revenues of $5.89 billion, a 15.8% increase over the previous year while higher material costs and supply chain challenges resulted in an annual operating profit of $121.98 million. Fourth-quarter revenues increased 14% from the same period in 2020 to $1.46 billion on the back of strong demand for premium PCs and gaming monitors. However, there was a small loss attributed to an increase in cost of global logistics and slowdown of solar module sales due to increased competition.
What We Think
It’s good to be reporting companies that are happy about the profits from TV sales, There was a long time when TVs just seemed to be a sink for cash. (BR)
