LS Electric third-quarter operating profit more than doubles as power orders surge

LS Electric said Wednesday its third-quarter operating profit rose 131.7 percent from a year earlier to 234 billion won ($175 million), as higher-margin power projects in the United States and Korea lifted revenue.

Revenue climbed 54.4 percent to 1.88 trillion won ($1.41 billion), while net income rose to 143 billion won ($107 million) from 65.9 billion won a year earlier, the company said in a regulatory filing. It attributed the results to recognition of higher-margin sales and an increase in high-margin projects and products in its power business in the US and domestic markets.

New orders in the quarter reached 1.59 trillion won ($1.2 billion), up 133 percent from a year earlier, and the order backlog rose 73 percent to 7.04 trillion won ($5.29 billion). The backlog is concentrated in high-value products: ultra-high-voltage transformers account for 3.17 trillion won of the total, followed by switchgear at 2.25 trillion won, ultra-high-voltage gas-insulated switchgear at 454 billion won and low- and medium-voltage transformers at 293 billion won.

LS Electric also disclosed a long-term supply agreement with a US big tech company for North American data center power distribution solutions, valued at about 169 billion won ($127 million), with deliveries starting in 2027.

The company is expanding capacity for ultra-high-voltage transformers. It invested 101 billion won in its Busan plant, completed in November 2025, to lift annual capacity to 700 billion won, and with the acquisition of LS Power Solution it aims to reach 1 trillion won in production capacity by 2028.