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OLED TV, Appliance Sales Boost LG Electronics' Earnings

Operating profit up 82% in third quarter from a year ago 10/10/2017 10:45:00 AM Eastern

Despite weak sales of its latest smartphones, LG Electronics will report strong preliminary Q3 operating profits on the strength of its OLED TV and major appliances businesses.

Third-quarter profits soared 82.2 percent year over year to about $450 million and sales climbed 15 percent. However, quarter-on-quarter numbers were weaker, with profits down 22.3 percent and sales up 4.6 percent.

While the company's OLED strategy has been extremely effective, analysts expect LG's smartphone business to ring up a loss of about $176 million in the quarter, during which chief rivals Apple and Samsung released new flagship phones.

LG stock took a hit this week on the news that the U.S. International Trade Commission will impose penalties or quotas on Korean-made LG and Samsung washing machines, in response to an imports grievance brought by Whirlpool.

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