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LG Electronics misses expectations for operating profit in Q3

LG Electronics Inc.'s third-quarter operating profit jumped 82.2% year-over-year but fell short of analysts' expectations, according to preliminary results announced Oct. 10.

The Seoul-based maker of washing machines and televisions said operating profit for the three-month period leaped to 516.1 billion South Korean won from 283.2 billion won a year earlier. The mean consensus of analysts' estimates had forecast operating profit at 573.43 billion won, according to S&P Capital IQ. Sales climbed 15.2% to 15.228 trillion won from 13.22 trillion won, beating the mean consensus estimate of 14.51 trillion won.

The results are preliminary. The South Korean consumer electronics maker did not report net profit or any other metrics, nor did it provide any context for the results. LG said it would announce final results for the period later in October.

In 2017, LG has faced a drag from its mobile communications business, which posted a 21.0% year-over-year drop in sales in the second quarter. The smartphones maker, whose flagship model in 2017 is the LG G6, in the second quarter blamed weaker-than-expected premium models and higher component costs, which more than offset strength in mass-tier offerings.

The company has reported growth in its home appliance and air solutions business due to demand for air conditioners and washing machines in Korea and its vehicle components unit, which has benefited from the popularity of infotainment systems.

As of Oct. 9, US$1 was equivalent to 1,143.92 South Korean won.