Panasonic's battery unit sees Q3 profit rise on stronger North America sales (updated)

Panasonic Holdings

02/02/2024 07:34

(Recasts paragraphs 1-2, adds details from earnings report,
presentation materials throughout)
       TOKYO, Feb 2 (Reuters) - Japan's Panasonic Holdings
 6752.T  posted a rise in third-quarter operating profit for its
battery-making energy unit on Friday, helped by stronger sales
in North America, and kept its full-year profit forecast for the
segment. 
    Third-quarter operating profit was boosted by increased
sales in North America and a better balance between raw
materials and selling prices, despite weaker sales at its Japan
factory and higher fixed costs, Panasonic said in presentation
materials.
    The unit, which makes batteries for Tesla  TSLA.O  and other
automakers, maintained its forecast for operating profit of 115
billion yen ($785 million) for the year ending on March 31.
        Panasonic maintained its forecast for the unit even as
automakers and suppliers around the world are facing disruptions
to their electrification plans amid a slower pace of growth for
battery-powered vehicles.
    The battery unit foresaw a lower operating profit for the
in-vehicle part of its business on lower-than-expected
compensation for reduced cell production at its factory in
Japan, but that was balanced out by a better profit forecast for
the unit's industrial and consumer business.
    Panasonic's overall operating profit rose 50.9% to 127.4
billion yen in the third quarter, helped by the performance of
the lifestyle, automotive and energy units.
    Its group chief financial officer is set to hold a briefing
on the third-quarter earnings from 0900 GMT. 
    
    ($1 = 146.4300 yen)

 (Reporting by Daniel Leussink; Editing by Tom Hogue)
 ((daniel.leussink@thomsonreuters.com; Twitter:
@danielleussink;))