Reuters: Technology News: Panasonic raises full-year operating profit forecast

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Panasonic raises full-year operating profit forecast Oct 31st 2013, 06:17 Tweet Share this Email Print Reprints The shrouded structure in San Francisco Bay.   Slideshow  Panasonic Corp's logos are seen at an electronics store in Tokyo May 9, 2013. Credit: Reuters/Toru Hanai TOKYO | Thu Oct 31, 2013 2:17am EDT TOKYO (Reuters) - Panasonic raised its full-year earnings forecast as expected, with strong sales of its automotive systems and eco-friendly technology powering its transformation into an industrial components supplier from a consumer electronics brand. Panasonic Corp increased its operating profit forecast for the year to March to 270 billion yen ($2.75 billion) from a previous forecast of 250 billion yen. That compares with expectations of 268.2 billion yen, the average of 19 analyst estimates according to Thomson Reuters Starmine. After a round of heavy restructuring that has seen Panasonic pull out of plasma TVs, smartphones and downsize its chipmaking segment, the Japanese company posted a net profit of 61.5 billion yen for the three months to September. That compares with the mean estimate of 60.92 billion yen, according to five analysts surveyed by Thomson Reuters I/B/E/S. Panasonic said on Wednesday it would sharply increase its supply lithium batteries to U.S. carmaker Tesla to nearly 2 billion cells in the four years to 2017, a big step up from the 200 million cells it is supposed to have provided over the two years to this December. The deal is testament to the speed with which Panasonic has spun around its business after skipping its dividend a year earlier for the first time in six decades. It had suffered $15 billion in net losses over the previous two years. The company has also been active in selling off assets, agreeing recently to the sale of 80 percent of its healthcare unit to U.S. buyout firm KKR & Co for 165 billion yen. On Thursday, Panasonic also raised its full-year net profit forecast to 100 billion yen, against an average estimate of 75.52 billion yen, according to Thomson Reuters Starmine. (Reporting by Sophie Knight; Editing by Ryan Woo) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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