LG Energy Solution announced in a regulatory filing on the 3rd that it posted consolidated revenue of 9.6434 trillion won and operating profit of 756 billion won for the third quarter of this year. Compared to the same period last year, revenue increased by 59.0% and operating profit by 25.7%. Compared to the previous quarter, they rose by 27.6% and 567.3%, respectively.
These results reflect 416.9 billion won in North American production subsidies, including the Advanced Manufacturing Production Credit (AMPC) under the U.S. Inflation Reduction Act (IRA). Excluding these subsidies, operating profit was 339.1 billion won, with an operating margin of 3.7%. This indicates that the company achieved a profit even without the North American production subsidies.
However, despite the increase in operating profit, the company posted a net loss. The loss from continuing operations before income tax expense in the third quarter was 231.2 billion won, marking a shift to a loss from a profit of 552.8 billion won in the same period last year. The net loss for the period was 296.9 billion won, also shifting to a loss from a profit of 536.1 billion won in the same period last year.
Cumulative revenue for the first three quarters of this year totaled 23.7586 trillion won, a 26.1% increase compared to the same period last year. In contrast, cumulative operating profit fell 54.9% to 661.6 billion won. The cumulative net loss amounted to 1.5696 trillion won.
LG Energy Solution plans to explain its performance by business segment and future management strategies during its third-quarter earnings conference call, scheduled for 10:00 a.m. today.
