SEOUL, July 7 (Reuters) -
South Korea's LG Energy Solution (LGES), an
electric car battery supplier for General Motors ( GM ) and
Tesla, on Monday estimated a 152% rise in its quarterly
operating profit.
LGES said its operating profit was likely 492 billion
won ($360.94 million) for the April-June period.
That compared with a 195 billion won profit a year
earlier and a 294 billion won profit forecast compiled by LSEG
SmartEstimate, weighted toward analysts who are more
consistently accurate.
Analysts said LG Energy Solution's operating profit
likely benefited from extra demand by automakers in the second
quarter, as many rushed to secure battery cells ahead of
potential U.S. tariffs. Automakers were also likely betting on a
recovery in sluggish electric vehicle demand, prompting early
purchases.
The South Korean battery maker said it expected an
operating profit of 1.4 billion won ($1.03 million) in the
second quarter excluding tax credits under the U.S. Inflation
Reduction Act.
LGES is expected to release detailed results in late
July.
($1 = 1,363.1000 won)