LG Energy Solution's Shares Rise After Earnings Forecast
By Kwanwoo Jun
LG Energy Solution's shares rose sharply after its preliminary third-quarter earnings forecast beat market expectations.
Shares of the South Korean electric-vehicle battery maker rose as much as 8.3% to 496,500 won ($369.79) in early trade Wednesday, on course to notch their sharpest daily percentage gain in 20 months and outperforming the benchmark Kospi's 2.5% gain, according to FactSet.
The stock advanced after the company, which supplies EV batteries to General Motors and other global car makers, said it expects its operating profit to jump 40% on year to KRW731.20 billion for the July-September quarter, beating the FactSet-compiled market consensus forecast of KRW649.65 billion.
LG Energy said its preliminary quarterly operating profit reflected an estimated KRW215.5 billion from U.S. tax credits available to the company under the Inflation Reduction Act.
It said it expects third-quarter revenue to rise 7.5% on year to KRW8.224 trillion.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
October 11, 2023 00:52 ET (04:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk