LG Electronics Q4 Profit Doubles On Strong TV Sales
LG Electronics Inc beat analyst estimates by doubling its fourth-quarter profit, as heavy promotional activity in the U.S.’s Black Friday shopping season lifted TV sales, offsetting a small loss at its mobile arm.
Operating profit totaled 238 billion won ($220 million) in October-December, the world’s second-biggest TV maker after Samsung Electronics Co Ltd said in a statement on Monday.
That compared with the 223 billion won estimate of 35 analysts polled by Thomson Reuters I/B/E/S, as well as the 117 billion won of a year earlier and 218 billion won of July-September.
The South Korean manufacturer said operating profit at its TV business reached 174 billion won from just 80 million won a year prior.
Its mobile business, ranked No.3 by shipments after Samsung and Apple Inc, swung to an operating loss of 43 billion won from profit of 56 billion won a year earlier, as the company spent more on marketing flagship products such as its G2 and G Pro smartphones. ($1 = 1080.3500 Korean won)
(Reporting by Miyoung Kim; Editing by Christopher Cushing)