LG Energy Solution Profit Exceeds Estimates on US Tax Credit
- Company estimated a 100 billion won tax credit from Biden bill
- Sales doubled from a year ago as electric cars gain traction
An LG Energy Solution battery cell for electric vehicles.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korean battery maker LG Energy Solution Ltd. reported financial results that beat analyst estimates, boosted by an estimated tax credit from US President Joe Biden’s climate bill and amid growing worldwide demand for electric vehicles.
Operating profit for three months ended March 31 came in at 633.2 billion won ($480 million), according to preliminary results released Friday. That compared to a 483 billion won mean estimate compiled by Bloomberg. Sales for the first quarter were 8.75 trillion won, above a 8.3 trillion won estimate and more than double the same period a year earlier.