June 16, 2021

Panasonic third-quarter profit rises 3%, beating estimates

1 min read

TOKYO: Panasonic on Monday (Feb 3) reported a 3 per cent rise in third-quarter operating profit, beating analyst estimates, thanks to restructuring efforts and an improvement at the joint battery business with Tesla.

Panasonic, which supplies battery cells for electric vehicles (EVs) made by Tesla, posted a profit of 100.4 billion yen (US$915.22 million) for the October-December period, versus 97.6 billion yen a year prior.

The result compared with the 67.36 billion yen average of eight analyst estimates in a poll by Refinitiv.

Panasonic maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 295.14 billion yen from 20 analysts.