Lg energy storage battery profit analysis

How did LG Energy Solution perform in the full-year?

For the full-year, LG Energy Solution reported KRW 33.7 trillion in consolidated revenue and KRW 2.2 trillion in operating profit, marking an on-year increase of 31.8 percent and 78.2 percent respectively. “We have achieved high annual revenue growth of more than 30 percent...

Why did LG Energy Solution achieve high annual revenue growth?

“We have achieved high annual revenue growth of more than 30 percent for two consecutive years by actively responding to strong market demand in North America,” said Chang Sil Lee, CFO of LG Energy Solution.

Why did LG Energy Solution reduce its annual guidance?

In response to slow EV market growth, LG Energy Solution revised down its annual guidance, with its annual consolidated revenue now expected to decrease by more than 20 percent from last year.

Why is LG Energy Solution focusing on qualitative growth?

“By concentrating on qualitative growth, we will secure a concrete business structure and a strong foothold for sustainable growth.” SEOUL, January 26, 2024 – LG Energy Solution (KRX: 373220) today announced its 2023 full-year earnings, posting steady increase in both annual consolidated revenue and operating profit.

How did LG Energy Solution perform in 2Q?

2Q Progress: Business achievements and enhanced fundamental strengths Despite ongoing global EV demand slowdown and subsequent market uncertainties, LG Energy Solution continued its venture into more diverse product lineup, successfully landing new supply agreements in both EV and ESS battery businesses.

How did LG Energy Solution strengthen its raw material supply chain?

LG Energy Solution further reinforced its raw material supply chain by successfully securing lithium spodumene through offtake and investment agreements with a lithium producer with mines in Australia.