We have received LG Electronics results for the second quarter 2011 and they’re quite something. South Korea’s second giant is currently the world’s third largest mobile phone manufacturer. The company is still reporting a loss in its handset unit as it is completing its costly return from its Microsoft-powered misadventure and going now full speed to Android.

However, LG is begining to show its muscle, using its global dumbphone reach and brand (USA’s second-bestselling cellphone brand for example) to elbow itself up the charts both in overall smartphone sales and within the Android family. LG 2Q 2011 results? Smartphone sales up 15% to 5.4 Million units (up from 4.7 Million) and barely passing Sony Ericsson (5.3M) now for 6th place ranking among biggest smartphone makers.

Just like Sony Ericsson, LG’s preliminary market share is about 5%. The difference is that in the first quarter of 2011, LG passed Motorola. The approach of going with an unified hardware design and using NVIDIA Tegra and Texas Instruments OMAP4 chips is now paying dividends, with Optimus 2X and Optimus 3D being sales hits.

With Samsung and HTC, LG is now the third biggest manufacturer of Android smartphones already. Not bad for a company that was firmly promising a strategy of Microsoft Windows-powered smartphones just four quarters ago. After big losses, the company made a U-turn, switched its hardware strategy from Qualcomm to NVIDIA/TI and started to push hard with the Optimus brand.

We now await Motorola Mobility results today (Thursday) and the big number, Samsung results on Friday. Stay tuned…