LG Energy Solution Ltd. reported preliminary third-quarter earnings that significantly exceeded analyst expectations. Operating profit reached 756 billion won ($56 million) for the period ending Sept. 30, more than double the 365.5 billion won average estimate. Revenue of 9.6 trillion won surpassed the forecast of 8.5 trillion won.
Earnings were driven by US manufacturing incentives and surging demand for energy-storage systems. The restart of production at joint-venture facilities in North America provided additional support, alongside a pick-up in European electric-vehicle shipments. The company is shifting capacity toward energy-storage systems to offset softening global electric-vehicle battery sales, while expanding US production to benefit from the Advanced Manufacturing Production Credit scheme.
Fonte: Bloomberg Markets · Resumido por HeadlinesBriefing