Record smart phone shipments of 10.3 million offset weaker performance company-wide
It's earnings time, and today it's LG's turn to let us know how it performed in the last three months. The company posted what it calls "solid first-quarter performance", but the overall numbers certainly aren't as great as some would have hoped. The mobile division (which we really care about) however posted some impressive results. Here's your quick breakdown of those "Mobile Communication" division numbers:
- Revenues of $2.96 billion, up 28.5-percent year-over-year
- Operating profit of $122.69 million, nearly four times revenue the year previous
- 10.3 million smart phone shipments for the quarter, a record for the company
LG gives credit for such great performance in its mobile division to its high-end LTE devices such as the Optimus G and G Pro, as well as successful new 3G-only device lines like the Optimus L series. Even the Nexus 4 is called out by name as helping improve sales numbers and profits. The Korean manufacturer expects even stronger shipments in Q2, with a worldwide rollout of the Optimus LII Series and greater availability of the Optimus G Pro in markets with LTE.
As a whole, LG Electronics had less than impressive results, with profits dipping year-over-year even with amazing growth in the mobile division. On the bright side, LG says revenues for the quarter did increase overall, but again mainly due to strong mobile division performance. The "Home Entertainment" division, which is LG's largest, contributed most to the declining profits with a less than stellar quarter. There are still several high points for the quarter that should keep LG pointed in the right direction going forward.