LG Energy Solution announced on the 7th that it recorded sales of 5.5654 trillion won and an operating profit of 492.2 billion won in the second quarter of this year. Excluding subsidies under the U.S. Inflation Reduction Act (IRA), the operating profit was in the black for the first time in six quarters.
The company's sales in the second quarter decreased by 9.7% compared to the same period last year, while operating profit increased by 152%. Compared to the previous quarter, sales fell by 11.2%, and operating profit grew by 31.4%.
The tax benefit under the U.S. IRA Advanced Manufacturing Production Tax Credit (AMPC) amounted to 490.8 billion won, which is a 7% increase from the previous quarter (457.7 billion won). Excluding this, the operating profit was reported at 1.4 billion won.
LG Energy Solution's operating profit recorded a surplus even excluding IRA subsidies for the first time in six quarters since the fourth quarter of 2023. In the previous first quarter, the company reported an operating loss of about 83 billion won after excluding subsidies.