LG has just announced that it shipped 12.3 million smartphones including 5 million LTE capable handsets in Q1 2014, which is quite decent for a company competing primarily with Samsung in the mobile industry. These figures mark a 19% increase year-over-year. The company’s press release has also mentioned that the LG G3 will arrive in the second quarter of 2014, which is good news for fans.

The increase in shipments has positively impacted the company’s revenues with the company earning 3.41 trillion Korean won or $3.19 billion this quarter. This is an increase of 6% compared to the same period last year, so the company is clearly getting it right in the mobile industry.

While devices like the LG G2 and the recently launched G Pro 2 have helped greatly with LG’s success, the contributions made by its midrange offerings cannot be ignored. LG, like any other Android OEM, has a very decent presence in the budget smartphone segment with devices like the recently launched L Series III range.

LG as a whole saw a 300% increase in profits this quarter thanks to declining material costs and demand for its new-gen televisions. It is said that the earnings and profits exceeded the company expectations.