By Kwanwoo Jun
LG Electronics Inc. expects its second-quarter operating profit to rise 66% compared with the same period a year earlier thanks to solid demand for televisions and home appliances and the exit from its unprofitable smartphone business.
The South Korean consumer-electronics giant said Wednesday it projects operating profit of 1.113 trillion won ($978.9 million) while revenue is expected rise 48% to KRW17.110 trillion.
The operating-profit forecast is below a FactSet-compiled market consensus for KRW1.140 trillion, while the revenue estimate is above the FactSet estimate for KRW17.087 trillion.
Analysts expects the company's brisk sales of televisions and home appliances to lead the quarterly earnings, which should also be bolstered by its decision in April to shut its smartphone unit, which has been losing money since 2015.
LG Electronics is due to release its full quarterly earnings later this month.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires