Revenue rose 19% from the previous quarter and 102% from a year earlier. Operating profit increased 44% from the prior quarter and swung to a profit from a year earlier.
The company attributed the improvement to higher shipments of high-nickel products that lifted utilization, along with higher selling prices and a favorable exchange rate. It also cited the impact of inventory valuation reversals as raw material prices rebounded.
L&F said shipments of its high-nickel products set a quarterly record for the third straight quarter, helped by sole supply of its ultra high-nickel products and expanding shipments of a new 46-pi product that began shipping late last year.
Overall product shipments in the first quarter rose about 12% from the previous quarter, about double the volume guidance the company presented at the start of the year.
CFO Ryu Seung-heon said, "The first quarter clearly showed improved earnings as high-nickel volume growth and higher selling prices appeared at the same time." He added, "In the second quarter, we will continue stable performance improvement based on rising shipments, while diversifying our business portfolio through a two-track NCM+LFP strategy and steadily strengthening our mid- to long-term growth foundation."
* This article has been translated by AI.
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