LG Energy Solution posts record quarterly operating profit of 731.2 billion KRW with sales of 8.2 trillion KRW

LG Energy Solution Headquarters, Yeoui-daero, Yeongdeungpo-gu, Seoul. Photo by Jinhyung Kang aymsdream@

LG Energy Solution has achieved the highest quarterly operating profit in its history.

LG Energy Solution announced in its preliminary earnings report on the 11th that it recorded sales of 8.2235 trillion KRW and an operating profit of 731.2 billion KRW in the third quarter of this year. This represents the highest quarterly operating profit ever, a 40.1% increase compared to the same period last year. During the same period, sales rose by 7.5%.

Initially, securities firms predicted that LG Energy Solution would achieve around 8.4 trillion KRW in sales and approximately 690 billion KRW in operating profit for the third quarter of this year. The preliminary results announced by LG Energy Solution on this day slightly exceeded these expectations (based on operating profit). The tax credit benefit from the U.S. Inflation Reduction Act (IRA) in the third quarter operating profit was 215.5 billion KRW; excluding this, the operating profit was 515.7 billion KRW, with an operating profit margin of about 6.3%.

After just three quarters this year, LG Energy Solution has achieved cumulative sales of approximately 25.7441 trillion KRW and an operating profit of 1.825 trillion KRW, already surpassing last year's total sales (25.5986 trillion KRW) and operating profit (1.2137 trillion KRW), which were the 'highest annual results' to date. LG Energy Solution stated earlier this year that it plans to expand annual sales by more than 25-30% through new and expanded global production plants, stable operations, and sales expansion focused on the North American region.

Sales slightly declined due to weak electric vehicle sales in some parts of Europe. However, the growth of electric vehicles in the North American region continues. In particular, the new and expanded production plants and yield improvements in the North American region drove this strong performance.

This content was produced with the assistance of AI translation services.