LG Electronics today is reporting fourth-quarter and full-year earnings, highlighted by a 24-percent increase in annual smartphone shipments.

The Korean electronics giant shipped 59.1 million smartphones in 2014, which helped it haul in nearly $56 billion in consolidated annual revenue and $1.73 billion in operating profit, up from $1.14 billion in 2013.

Still, LG ended up taking a fourth-quarter net loss of over $189 million, primarily due to expenses associated with the closure of the company’s plasma TV division.

But things looked up for LG’s mobile business, which reported a 16-percent increase in annual revenue, bringing in more than $14 billion. A big chunk of those results came from the company’s North America shipments rising 78 percent annually during the fourth quarter. LG’s mobile division saw its fourth-quarter revenue jump 5 percent annually to $3.48 billion.

Despite the gains made in 2014, LG is expecting a “challenging year ahead with greater competition globally from various manufacturers.” The company said it will focus on improving its brand power, operating more efficiently, and focusing on selective key markets.

LG recently unveiled the G Flex 2 and is expected to announce a sequel to the G3 sometime in the first half of 2015.