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LG Electronics to post best-ever quarterly sales in Q3 on home appliance, TV sales Updated: 2021-10-13 04:10:35 KST


LG Electronics is expected to post its best-ever quarterly sales in the third quarter of this year.
According to its earnings guidance on Tuesday, the company estimated its sales to be around 16 billion U.S. dollars in the July-to-September period, up 22 percent on-year.
It's the highest sales figure for any quarter, surpassing its previous record of about 15 billion dollars posted for the first three months of the year.
The South Korean tech giant also projected a third-quarter operating profit of 450 million dollars, down nearly 50 percent from a year earlier.
The significant drop comes as the company plans to set aside 400 million dollars to cover the recall costs of General Motors' Chevrolet Bolt electric vehicle.
LG had already set aside recall provisions for the GM Bolt cars in its second-quarter operating profit after supplying GM with battery modules made by its affiliate LG Energy Solution.
While its operating income nearly halved from a year ago, industry watchers say that the robust demand for premium home appliances and TV sales will lead to strong sales in the third quarter.
Analysts expect the company to record sales close to 6 billion dollars, exceeding 5 billion for three consecutive quarters this year.
Its TV business is also estimated to exceed 3 billion dollars in sales due to strong demand for OLED TVs.
Min Suk-hyen, Arirang News.
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