LG Electronics said Wednesday it expects fourth-quarter operating profit to grow 30 percent from a year earlier. The forecast is well below market expectations. The South Korean home appliance giant said in its earnings forecast that it expected operating profit of 98.6 billion won ($84.4 million) for the final three months of 2019, compared with 75.7 billion won a year earlier.
LG Electronics’ quarterly earnings forecast fell short of FactSet’s consensus forecast of 266.84 billion won.
LG Electronics forecast revenue of 16.061 trillion won in the quarter, up 1.8 percent from 15.772 trillion won a year earlier. The forecast is also below The Consensus forecast of 16.409 trillion won by Fraser.
LG Electronics expects revenue to rise 1.6 per cent in 2019 from a year earlier, while operating profit is down 10 per cent.
LG Electronics expects to release its fourth-quarter and full-year results for 2019 later in January.
LG Electronics’ shares closed down 4 percent after it reported a lower-than-expected earnings forecast.