By Kwanwoo Jun

LG Electronics staged a sequential profit turnaround in the first quarter on steady revenue growth at its home-appliance and vehicle-component businesses, forecasting a gradual recovery in global demand for consumer electronics this year.

The South Korean company said Thursday that net profit was 585.40 billion won ($424.9 million), swinging from the prior quarter's KRW76.40 billion loss and up 7.1% from a year earlier. Still, the result missed a FactSet-compiled consensus forecast of a KRW730.98 billion net profit for the quarter.

Revenue rose 3.3% from a year ago to KRW21.096 trillion, while operating profit dropped 11% to KRW1.335 trillion, largely in line with the company's preliminary forecasts.

Sales from its home-appliance and vehicle-component businesses rose 7.2% and 12%, respectively, it said.

LG Electronics said it expects demand for consumer electronics to start recovering gradually in emerging markets from the second quarter despite a delayed recovery in advanced markets and business uncertainty stemming from geopolitical tensions.

The company expects its order backlog at its vehicle-component business to top KRW100 trillion in the first half of 2024.

Write to Kwanwoo Jun at

(END) Dow Jones Newswires

04-25-24 0546ET