LG Energy Solution Q4 profit rises threefold, misses forecast

FILE PHOTO: An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. Picture taken November 23, 2021. REUTERS/Kim Hong-Ji

SEOUL (Reuters) -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.

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.

($1 = 1,228.5000 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Christian Schmollinger)

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