LG announces Q1 2009 results; YoY growth despite harsh times

Color us impressed. Projections put LG in a pretty fair place as Q1 was wrapping up and in the midst of a global recession spelling big trouble for just about everyone, the Korean electronics company turned in some pretty good numbers. Save for its business solutions division, every major area of LG’s business saw pretty impressive growth year over year. Kicking things off with the mobile division, LG’s handset shipments dropped 7 percent YoY (12 percent QoQ) to 22.6 million units but the company still managed to record $3.02 billion in sales — an increase of 16.8 percent YoY. The mobile division’s profits slid in at $181 million with a margin of 6 percent. Home entertainment sales rose an even more impressive 18.6 percent YoY and shipments rose a whopping 40 percent to 3,538,000 units. LG’s home appliance business also grew 16 percent YoY to $1.57 billion and its air conditioning division posted $900 million in sales, an 8.9 percent increase YoY. Business solutions, as mentioned above, was the only unit to report a decline with sales coming in at $780 million, a 6.6 percent drop YoY. All divisions accounted for, LG reported $9.12 billion in unaudited sales in the quarter — a 14.6 percent increase from Q1 2008 — and profit margin rose 2.8 percent QoQ to 3.5 percent. Results did dip a bit from Q4 2008, but solid year over year performance is hardly something to be scoffed at in this day and age. Golf claps, please.

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