LG Energy Solution posts record third-quarter revenue of 9.64 trillion won, up 59%
In short
LG Energy Solution said its third-quarter revenue reached 9.6434 trillion won, its highest for any quarter and 59% more than a year earlier. Yonhap reported that operating profit rose 25.7% to 756 billion won, and that the company's shares rose more than 3% in early trading on October 8.
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LG Energy Solution said its third-quarter revenue was 9.6434 trillion won, the highest for any quarter and up 59% from a year earlier. Operating profit rose 25.7% year on year to 756 billion won, Yonhap reported. The results were released before the regular stock market session on October 8. [ 1 , 2 ]
The company's shares opened 2.56% higher at 401,000 won on the main KOSPI market and briefly rose 6.01% to 414,500 won shortly after the open, Yonhap reported. At 9:15 a.m. they were up 3.58% at 405,000 won; Yonhap said the results appeared to be behind the rise. Other battery-related stocks also gained, including Samsung SDI (up 3.02%), LG Chem (up 2.89%) and POSCO Future M (up 1.46%). [ 2 ]
Chosun Ilbo reported that the record revenue came on the back of expansion in the company's North American energy storage system (ESS) business and growth in the European electric vehicle market. The other documents do not give reasons for the result. [ 3 , 4 ]
Why it matters
The results, released before the market opened, were followed by gains in LG Energy Solution shares and in other battery-related stocks, Yonhap reported. Chosun Ilbo linked the record revenue to growth in the North American energy storage system business and the European electric vehicle market.
Key facts
- LG Energy Solution's third-quarter revenue was 9.6434 trillion won, a quarterly record. [ 1 , 2 ]
- Revenue rose 59% from the same quarter a year earlier. [ 1 , 2 ]
- Operating profit rose 25.7% year on year to 756 billion won, Yonhap reported. [ 2 ]
- At 9:15 a.m. on October 8, LG Energy Solution shares were up 3.58% at 405,000 won on the main KOSPI market. [ 2 ]
- Chosun Ilbo attributed the record revenue to expansion of the North American energy storage system (ESS) business and growth in the European electric vehicle market. [ 3 , 4 ]
- Other battery-related stocks also rose, including Samsung SDI (3.02%), LG Chem (2.89%) and POSCO Future M (1.46%), Yonhap reported. [ 2 ]
Confirmed by several sources
- LG Energy Solution's third-quarter revenue was 9.6434 trillion won, its highest for any quarter. [ 1 , 2 ]
- Revenue rose 59% year on year. [ 1 , 2 ]
- Operating profit rose 25.7% year on year to 756 billion won. [ 2 ]
- LG Energy Solution shares rose more than 3% in early trading on October 8 after the results. [ 2 ]
Still unclear
- What drove the record revenue. Only Chosun Ilbo cites North American ESS expansion and European EV market growth; the other documents give no reasons and no company statement on the causes.
- Breakdown of revenue and profit by business or region. The documents give only total revenue and operating profit.
What local media are saying
Timeline, local time
- Newsis reports record third-quarter revenue of 9.6434 trillion won, up 59.0%. [ 1 ]
- LG Energy Solution shares trade 3.58% higher at 405,000 won, after opening at 401,000 won and briefly reaching 414,500 won. [ 2 ]
- Chosun Ilbo reports the record revenue, citing North American ESS and European EV growth. [ 3 , 4 ]