South Korea's LG Electronics expects Q2 profit to more than double
Source: Global Market Briefing
South Korea's LG Electronics forecasts that, thanks to U.S. tariff rebates as well as the resilience in the profitability of its home appliances, television, and automotive parts businesses, the company's second-quarter profits are expected to more than double.
The company said in a preliminary earnings report on Tuesday that operating profit for the April-June quarter is likely to reach 1.579 trillion won (equivalent to $1.03 billion). This forecast would represent an increase of nearly 150% compared to the same period last year. Analysts had previously expected LG Electronics to report an operating profit of 1.071 trillion won for the second quarter.
The company stated that revenue for the quarter is expected to increase by 15% to 23.83 trillion won, also surpassing market expectations.
Shares of LG Electronics have nearly doubled this year.
The company is scheduled to release its full quarterly results later this month.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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