LG Energy Solution Reports Fourth Quarter and Fiscal Year 2021 Results, Revenue Up 10.2 Percent From Last Quarter

LG Energy Solution Reports Fourth Quarter and Fiscal Year 2021 Results, Revenue Up 10.2 Percent From Last Quarter

LGES has reported a consolidated operating profit of KRW 76 billion, since turning to profit in the fourth quarter. The company reported KRW 17.85 trillion in revenue for the fiscal year, a 42 percent increase over 2020. The year operational profit was KRW 768.5 billion, with a 4.3 percent operating profit margin. The annual earnings outcome was influenced by a  voluntary recall with General Motors for Chevrolet Bolt EV batteries, a recall of batteries for energy storage systems (ESS), and a lump-sum licensing fee payment from another industry participant. LGES estimates revenue to reach KRW 19.2 trillion in 2022, an increase of 8% year on year, based on continued EV market development. Without the aforementioned one-time effect, revenue would be 14% higher year over year.

Also Read: LG Energy Solution, GM to Build $2.1 Billion Battery Factory in US

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