LG Electronics on Friday said in its preliminary guidance that it has posted record fourth quarter earnings.
The company also posted record annual operating income in 2020.
LG posted sales of 18.7826 trillion won and operating income of 647 billion won in the fourth quarter, a rise of 16.9% and 535.6%, respectively, from a year ago.
For the full year of 2020, the South Korea firm posted 63.2638 trillion won in sales and 3.1918 trillion won in operating income. Both figures are its highest ever for a year’s earning.
It is also a rise of 1.5% and 31%, respectively, from 2019. It is the first time that LG has posted over 3 trillion won in its annual operating income.
Home appliance and TV likely led LG’s fourth quarter performance. High interest in hygiene following the COVID-19 pandemic likely spurred growth in home appliance while its TV business enjoyed a recovery in demand, especially in its premium sector.
Lower losses from its vehicle solution and mobile businesses also likely helped profits. The VS business likely enjoyed demand grow in North America while mobile business likely narrowed its losses from the expanded use of outside contract production for its smartphones.
LG is expected to announce its full earnings report for the fourth quarter at the end of the month.