LG Energy Solution posts record Q3 sales on rising ESS shipments

LG Energy Solution reported record quarterly sales and a 25.7 percent rise in operating profit for the third quarter, driven by growing North American energy storage system (ESS) shipments and stronger electric vehicle (EV) battery sales, the company said on Tuesday. Sales rose 59 percent from a year earlier to 9.64 trillion won ($7.2 billion), while operating profit reached 756 billion won. Sales increased 27.6 percent from the previous quarter, and the operating profit margin stood at 7.8 percent. The company said sales included 417 billion won in North American production incentives, reflecting higher shipments of batteries for ESS in the region. Beyond ESS, sales benefited from increased shipments of high-voltage, mid-nickel pouch batteries for EVs and steady deliveries of 21- and 46-series cylindrical batteries. Operating profits were also supported by better factory utilization in Europe and easing fixed cost burdens as North American ESS production stabilized. “Third-quarter sales increased 28 percent from the previous quarter, driven by a significant rise in ESS shipments and v