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Samsung Posts Higher Q3 Earnings, Sales

10/29/2010 11:49:00 AM Eastern

Seoul, Korea - Samsung Electronics reported higher sales and
a double digit gain in net earnings in the third quarter.

Sales were up 12 percent year on year to 40.23 trillion won
while net profit was up 17 percent to 4.46 trillion won.

By segment Digital Media sales were 14.13 trillion won, up
10 percent year on year. Flat panel TV unit shipments were 9.07 million during
the quarter, up 17 percent year on year, with 1 million 3D TVs having been
shipped. And Samsung said demand for flat panel TVs softened in the quarter due
to the drop in Europe after the World Cup and the continuing U.S. economic
slowdown. In the appliance business sales increased 25 percent year on year.

Samsung expects increased sales and profitability in flat
panel TVs and an increase in 3D TV due to an expanded set lineup and its "3D
total solution" of Blu-ray disc players, 3D glasses and home theater systems.

The Telecom segment, which includes mobile, had a sales gain
of 16 percent to 11.12 trillion won. Unit shipments of wireless handsets were
up 19 percent year on year to 71.4 units due to increased sales and demand for
smartphones. The GalaxyS Android phone had sales of 7 million units and Wave
525 had sales of 2 million in the quarter. Samsung expects further growth in
handsets for the balance of the year.

LCD panel sales were up 4 percent to 8.10 trillion won.
Total large panel shipments increased in the single digits year on year,
Samsung said, with expanded premium and differentiated product sales for LED,
3D/240Hz TV panels, which the company said is its focus.