Samsung & LG Pre-Release
Samsung Electronics gave its pre-release guidance last night of 65t won ($58.2b US) and operating income of 9.3t won ($8.32b US), up 5.6% q/q and 2.8% respectively and 17.5% and 44.2% y/y. The consensus for operating income was between 8.75 and 9 billion won, so Samsung beat consensus even with the cost of the shutdown of the Austin semiconductor plant in Austin last month, with TV and smartphones showing strong results. We see little unusual in the preliminary results as they were expected to be strong, although a bit stronger than expected as results from Samsung Display (pvt) and a number of other affiliates were likely quite strong as both display panels and component prices rose through the 1st quarter. More details when the company reports full results later this month.
LG Electronics (066570.KS) indicated that it expects sales of 18.8t won ($16.8b US) and operating income of 1.51t won ($1.34b US), up 27.7% and 39.2% y/y respectively, and the best 1st quarter in the company’s history. While no details were given, TV and appliances are thought to be the standouts in 1Q, while the mobile business posted its 24 consecutive quarterly loss. As we have noted, that division will be closing as of July. Again, further details when the company releases full results.
LG Electronics (066570.KS) indicated that it expects sales of 18.8t won ($16.8b US) and operating income of 1.51t won ($1.34b US), up 27.7% and 39.2% y/y respectively, and the best 1st quarter in the company’s history. While no details were given, TV and appliances are thought to be the standouts in 1Q, while the mobile business posted its 24 consecutive quarterly loss. As we have noted, that division will be closing as of July. Again, further details when the company releases full results.
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