LG announced both its fourth quarter and annual revenues for the 2012 financial year ahead of the earnings call slated for later this evening. The Korea-based electronics company posted consolidated revenues of $45.22 billion and a net profit of $80.75 million for 2012. While LG's appliance and air conditioning divisions were stable, its smartphone and television sales flourished during the quarter. However, the company suffered a 6 percent revenue decrease from the previous year because of increased operating costs.
LG reported record sales in flat-panel TVs, coming in at $5.91 billion with over 9.3 million units sold in the fourth quarter. Strong revenues stemmed from LG's 3D and Smart TVs lineup, though profit could have been stronger had it not been for lower-than-average television prices. LG states it will continue to aggressively market 3D and Smart TVs in the coming year, especially as it ushers in its premium television lineup with Ultra HD TVs and OLED TVs.
In its mobile division, LG reported 23 percent growth in smartphone shipments, which it attributed to launch of the Nexus 4 and Optimus G smartphones. LG also mentioned in its official press release that the Vu:2 was a tremendous seller internationally in the fourth quarter, and that it plans to release a follow-up to the Optimus G (a leak had all but confirmed this for the Japanese market). Overall, LG made most of its profits in this sector from smartphone sales and its fourth quarter revenues in the mobile sector were its highest of 2012.