South Korean battery maker LG Energy Solution estimated that its third-quarter operating profit rose 25.7% year over year to 756 billion won. The company linked the increase to energy-storage shipments to North America and battery sales in Europe.
Revenue rose 59% to 9.64 trillion won in July-September. LG Energy Solution said in a release that stronger energy-storage system shipments helped offset a prolonged slowdown in electric vehicles.
The company received a 416.9 billion won tax credit under the U.S. Advanced Manufacturing Production Credit program. Excluding the credit, operating profit was 339.1 billion won.
For the first nine months of the year, operating profit fell 54.9% from a year earlier to 661.6 billion won, while revenue increased 26.1% to 23.76 trillion won. The company plans to publish final third-quarter results on Nov. 3.