[Concall] LG Energy Solution "Next Year's Revenue Growth Rate Won't Be As High As This Year"

by Jeong Donghoon

Published 25 Oct.2023 10:41(KST)

"Metal Price Decline Expected to Continue Through Q1 Next Year"

On the 10th, LG Energy Solution headquarters on Yeouidaero, Yeongdeungpo-gu, Seoul. Photo by Jinhyung Kang aymsdream@

On the 25th, LG Energy Solution stated in a conference call that "the impact of falling metal prices on battery prices will continue until the first quarter of next year."

They added, "With stable demand in the US and seasonal demand for ESS (Energy Storage Systems), fourth-quarter sales are expected to grow slightly compared to the third quarter," and explained, "Due to the global economic growth slowdown, reduced purchasing power caused by high interest rates, slower growth in Europe, and increased penetration in China, the sales growth rate next year will not be as high as this year."

LG Energy Solution also announced that its consolidated operating profit for the third quarter of this year was 731.2 billion KRW, a 40.1% increase compared to the same period last year. Sales reached 8.2235 trillion KRW, up 7.5% year-on-year. Net profit rose 124% to 420.5 billion KRW.