{"id":5852,"date":"2022-02-08T01:10:00","date_gmt":"2022-02-08T01:10:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3655083_CN55083_0"},"modified":"2022-02-08T01:10:00","modified_gmt":"2022-02-08T01:10:00","slug":"lg-energy-solution-announces-fourth-quarter-and-fy-2021-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=5852","title":{"rendered":"LG Energy Solution Announces Fourth Quarter and FY 2021 Results"},"content":{"rendered":"<ul type=\"disc\">\n<li>Reports quarterly revenue of <span class=\"xn-money\">KRW 4.44 trillion<\/span>, 10.2 percent higher than previous quarter; operating profit at <span class=\"xn-money\">KRW 76 billion<\/span> <\/li>\n<li>Targets revenue goal of <span class=\"xn-money\">KRW19.2 trillion<\/span> with plans to spend <span class=\"xn-money\">KRW 6.3 trillion<\/span> in capital expenditures for 2022<\/li>\n<\/ul>\n<p><span class=\"xn-location\">SEOUL, South Korea<\/span>, Feb. 8, 2022 \/PRNewswire\/ &#8212; LG Energy Solution (LGES; KRX: 373220) today reported solid performance in the fourth quarter of 2021, with consolidated revenue of <span class=\"xn-money\">KRW 4.44 trillion<\/span>, up 10.2 percent from the previous quarter. The quarterly revenue growth was mainly driven by robust demand of pouch and cylindrical battery cells for electrical vehicles and small-sized pouch batteries for IT devices. The company posted consolidated operating profit of <span class=\"xn-money\">KRW 76 billion<\/span>, since turning to profit in the fourth quarter.<\/p>\n<p>For the full year, LGES reported <span class=\"xn-money\">KRW 17.85 trillion<\/span> in revenue, up 42 percent from 2020. Annual operating profit was at <span class=\"xn-money\">KRW 768.5 billion<\/span> while operating profit margin was 4.3 percent. The booming performance comes on the back of solid demand for electric vehicles as well as cylindrical batteries for EVs and light EVs.&nbsp;&nbsp; <\/p>\n<p>The annual earnings result took multiple factors into account, including a voluntary recall with General Motors for Chevrolet Bolt EV batteries, a recall of batteries for energy storage system (ESS) and a lump-sum payment of license fee from another industry player. Were it not for these one-time factors, LG Energy Solution&#8217;s annual revenue would stand at <span class=\"xn-money\">KRW 16.86 trillion<\/span>, its operating profit at <span class=\"xn-money\">KRW 917.9 billion<\/span>. <\/p>\n<p>In 2022, LGES expects its revenue to reach <span class=\"xn-money\">KRW 19.2 trillion<\/span>, up 8 percent on-year, over expectations of steady EV market growth. Without the aforementioned one-off factor, the revenue would be 14 percent higher, on-year. <\/p>\n<p>In 2022, LGES plans to steadily expand its manufacturing capacity as its major partnering automakers plan to introduce new lineups of electric vehicles. LG Energy Solution is forecasting to see an improved market condition as the global chip shortage is expected to ease in the latter half of the year.<\/p>\n<p>In preparation of the upcoming boost in global EV sales, LG Energy Solution is putting <span class=\"xn-money\">KRW 6.3 trillion<\/span> in capital expenditures, up 58 percent compared to last year. With it, LGES aims to finance capacity expansion at its global manufacturing facilities including JV plants with GM. <\/p>\n<p>&#8220;LG Energy Solution will excel by prioritizing the fundamentals of quality and securing profitability,&#8221; said <span class=\"xn-person\">Youngsoo Kwon<\/span>, CEO of LG Energy Solution. &#8220;LGES will continue to move forward with bold investment plans needed in the long run. We are confident our business model of preparing for the future will definitely help us lead the industry.&#8221;<\/p>\n<p>#<\/p>\n<p><b>About LG Energy Solution<\/b><\/p>\n<p>LG Energy Solution (KRX: 373220) is a global leader delivering advanced lithium-ion batteries for Electric Vehicles (EV), Mobility &amp; IT applications, and Energy Storage Systems (ESS). With 30 years of experience in advanced battery technology, it continues to grow rapidly towards the realization of sustainable life. With its robust global network that spans the US,&nbsp;Europe,&nbsp;Asia, and&nbsp;Australia, LG Energy Solution is more committed than ever to developing innovative technologies that will bring the future energy a step closer. Under its ESG vision &#8220;We CHARGE toward a better future,&#8221; LG Energy Solution is doing its utmost to prioritize environment, fulfil social responsibilities and shape sustainable future. For more information, please visit&nbsp;<a target=\"_blank\" href=\"https:\/\/www.lgensol.com\/\" rel=\"nofollow noopener\">https:\/\/www.lgensol.com<\/a>. <\/p>\n<p><b>Contact:<br \/><\/b><b><span class=\"xn-person\">Sally Seung Yeon Lee<\/span><br \/><\/b>Global Communications Team \/ LG Energy Solution<br \/><a target=\"_blank\" href=\"mailto:lsyciel@lgensol.com\" rel=\"nofollow noopener\">lsyciel@lgensol.com<\/a> <br \/>+ 82 2 3773 6571<\/p>\n<p><b><span class=\"xn-person\">Ashlee Semin Shin<\/span><br \/><\/b>Global Communications Team \/ LG Energy Solution <br \/><a target=\"_blank\" href=\"mailto:ashin0@lgensol.com\" rel=\"nofollow noopener\">ashin0@lgensol.com<\/a>&nbsp;<br \/>+ 82 2 3773 4381<\/p>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN55083&amp;sd=2022-02-07\"> View original content:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/lg-energy-solution-announces-fourth-quarter-and-fy-2021-results-301477054.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/lg-energy-solution-announces-fourth-quarter-and-fy-2021-results-301477054.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reports quarterly revenue of KRW 4.44 trillion, 10.2 percent higher than previous quarter; operating profit at KRW 76 billion Targets revenue goal of KRW19.2 trillion with plans to spend KRW 6.3 trillion in capital expenditures for 2022 SEOUL, South Korea, Feb. 8, 2022 \/PRNewswire\/ &#8212; LG Energy Solution (LGES; KRX: 373220) today reported solid performance [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":5853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-5852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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