LS Electric reported record third-quarter results, achieving a milestone of 100 consecutive quarters of operating profit. The company announced on October 21 that it recorded sales of 1.8778 trillion won and an operating profit of 233.5 billion won for the third quarter, marking increases of 54.4% and 131.7%, respectively, compared to the same period last year. This represents the highest quarterly performance in the company's history.
The cumulative operating profit for the third quarter has already surpassed last year's annual total.
Since the fourth quarter of 2001, LS Electric has maintained profitability for 100 consecutive quarters. Among the top 500 companies in South Korea by revenue, only 12 have achieved this feat.
The strong performance was driven by an expansion in high-value products, including AI data center power solutions and high-voltage transformers. Sales of the company's main product, switchgear, increased by 120% year-on-year, while sales of high-voltage transformers rose by 106%.
Sales of mass-produced switchgear, which are less affected by economic fluctuations, also grew by 32% compared to the previous year, contributing to a stable revenue base.
In the overseas market, growth in North America was particularly notable. Third-quarter sales in North America reached approximately 500 billion won, a 25% increase from the previous quarter, setting a new record. LS Electric is expanding its local production investments in response to the surging demand for power infrastructure in North America, including its facilities in Utah and the Bastrop campus in Texas.
The company also reported significant growth in Europe, with sales in Spain increasing by 120%, and in the Middle East, where sales rose by 61%, driven by demand for power grid modernization and infrastructure investment.
As of the end of the third quarter, the company's order backlog stood at 7 trillion won, with new orders for the quarter totaling approximately 1.6 trillion won.
An LS Electric representative stated, "A solid business portfolio, continuous investment in new ventures, and expansion into global markets have combined to achieve this significant record of 100 consecutive quarters of profit. We aim to maintain long-term growth in line with the AI-driven power infrastructure supercycle."
* This article has been translated by AI.
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