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GM’s Battery Partner LG Posts Earnings Miss Amid Weak Demand
- Operating profit excluding US tax credit just 88.1 billion won
- Revenue declined 6.3% to 8 trillion won, worse than estimates
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Battery maker LG Energy Solution Ltd. badly missed fourth-quarter earnings estimates amid weaker demand for electric vehicles and a drop in lithium prices that hurt revenue. Shares were little changed in Seoul.
Operating profit for three months ended Dec. 31 rose 42% year-on-year to 338.2 billion won ($258 million), LG Energy Solution said in a filing Tuesday. But that compared to a 607.7 billion won median estimate analysts were looking for.