By Kwanwoo Jun
LG Electronics Inc. expects its third-quarter operating profit to increase 23% compared with the same period a year earlier thanks to solid growth in its television and home-appliance segments.
The South Korean consumer electronics giant said Thursday in a preliminary estimate that it anticipates operating profit of 959.00 billion won ($828.6 million).
The forecast beat a FactSet consensus estimate of KRW836.21 billion.
Market analysts say longer periods staying at home and government subsidies amid the pandemic are driving demand for home appliances and TVs.
The South Korean company expects third-quarter revenue of KRW16.920 trillion, up 7.8% from a year ago and beating the FactSet consensus estimate of KRW16.316 trillion.
LG Electronics is expected to release a full report on its third-quarter results later this month.
Write to Kwanwoo Jun at firstname.lastname@example.org
(END) Dow Jones Newswires