Battery maker LG Energy Solution said on Friday its quarterly profit tripled as it ramped up production to address a huge order backlog from automakers rushing to take a bigger bite out of the growing electric vehicle (EV) market.
The South Korean company, which supplies Tesla, General Motors Co and others, reported operating profit of 237 billion won ($192.92 million) for the October-December period, versus 76 billion won a year earlier, reports Reuters.
That compared with an average analyst forecast of 256 billion won compiled by Refinitiv SmartEstimate.
It missed analysts’ estimates because of one-off costs such as energy storage system-related provisions and year-end bonuses.
Revenue for the quarter rose 92% to 8.5 trillion won, LG Energy said in a regulatory filing.
