LG Electronics : Forecasts Six-Fold Rise in 4Q Operating Profit

By Kwanwoo Jun

LG Electronics Inc. expects its fourth-quarter operating profit rose six-fold from a year earlier, indicating continued solid demand for television and home appliances amid the pandemic.

The South Korean consumer-electronics giant said Friday it expects operating profit of 647.00 billion won ($591.2 million) for the final three months of 2020. That compares with KRW101.80 billion a year earlier.

The company forecasts fourth-quarter revenue of KRW18.783 trillion, up 17%.

The operating-profit forecast is below a FactSet-provided consensus estimate of KRW657.24 billion, while the revenue figure is above the FactSet estimate of KRW18.085 trillion.

Extended periods of staying, schooling or working at home amid the pandemic are driving demand for home appliances, computers and other electronics goods, market analysts say.

LG Electronics is due to release full quarterly earnings later this month.

Write to Kwanwoo Jun at [e-mail]

(END) Dow Jones Newswires

01-08-21 0128ET