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6752 - Panasonic News Story

¥1238 -0.5  -0.0%

Last Trade - 18/06/21

Sector
Technology
Size
Large Cap
Market Cap £18.83bn
Enterprise Value £18.04bn
Revenue £43.67bn
Position in Universe 52nd / 3895

UPDATE 1-Panasonic forecasts profit 28% profit jump on economic rebound

Mon 10th May, 2021 8:23am
(Adds detail)
    TOKYO, May 10 (Reuters) - Panasonic Corp  6752.T  expects
operating profit to jump by a almost a third this business year
as economies worldwide rebound from coronavirus lockdown slumps,
the company said on Monday.  
    Panasonic forecast operating profit to rise 27.6% to 330
billion yen ($3 billion) this business year. The figure is
slightly higher than an average forecast of 327.56 billion 
based on estimates from 16 analysts, Refinitiv data shows.
    The Japanese maker of items from bicycles to hair dryers is
looking to tap growing demand for electric car batteries through
its decade-old partnership with Tesla Inc  TSLA.O  and is
investing heavily in supply chain management services.   
    This business year, Panasonic plans to begin a test line in
Japan to make 4,680 battery cells, a source earlier told
Reuters. Tesla says such a format will halve battery costs and
help ramp up battery production 100-fold by 2030.
 urn:newsml:reuters.com:*:nL1N2HK0IG urn:newsml:reuters.com:*:nL4N2L63WE
    The Japanese company is also investing heavily in new
production chain management services as companies strengthen
supply chains in the wake of pandemic disruptions.  
    Last month Panasonic Corp said it would acquire the share of
U.S. supply-chain software company Blue Yonder that it does not
already own, in a $7.1 billion deal, its biggest in a decade.
    The U.S. company uses machine learning to help firms manage
supply chains linking factories to warehouses and
retailers. urn:newsml:reuters.com:*:nL1N2MG0IU 
    For the quarter that ended March 31, the Japanese industrial
conglomerate posted a fourth-quarter operating profit of 31.8
billion yen ($292.09 million), down 40% from a year ago as
weaker earnings from its life solutions unit, which sells
lighting, equipment and materials for buildings offset rising
income from automotive components.
    That result was better than an estimated average profit of
20.99 billion yen from five analysts surveyed by Refinitiv.
 ($1=108.8700 yen)

 (Reporting by Tim Kelly; Editing by Jan Harvey and Clarence
Fernandez)
 ((tim.kelly@thomsonreuters.com; +813-6441-1311;))
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