LG Electronics estimates Q3 profit at $557 million, down 21%

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LG Electronics estimates Q3 profit at $557 million, down 21%

Published: 08 Oct. 2024, 11:43

JIN EUN-SOO
jin.eunsoo@joongang.co.kr

LG Electronics' Seoul office in Yeouido, western Seoul [NEWS1]

LG Electronics on Tuesday estimated its third-quarter operating profit at 751.1 billion won ($556.9 million), down 20.9 percent from a year earlier.

Sales increased 10.7 percent to 22.17 trillion won, logging the highest third-quarter sales to date. The data for net earnings was not available.

The operating profit was 22.5 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The Korean electronics giant said increased costs in logistics and marketing dragged down its profit for the third quarter.

The company will release its final earnings report later in the month.

BY JIN EUN-SOO, YONHAP [jin.eunsoo@joongang.co.kr]