Panasonic rebounds to Q3 profit, keeps forecast

TOKYO Fri Feb 1, 2013 12:43pm IST

Signs hang above the Panasonic booth on the second day of the Consumer Electronics Show (CES) in Las Vegas January 9, 2013. REUTERS/Rick Wilking/Files

Signs hang above the Panasonic booth on the second day of the Consumer Electronics Show (CES) in Las Vegas January 9, 2013.

Credit: Reuters/Rick Wilking/Files

Related Topics

Stocks

   
Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

TOKYO (Reuters) - Panasonic Corp (6752.T) rebounded to a quarterly profit and stuck with its full-year earnings forecast, as it moves its business away from loss-making TVs in favor of household appliances, batteries and other non-consumer electronics.

In the three months to December 31, Panasonic posted an operating profit of 34.6 billion yen, up from an 8.1 bln yen loss a year ago. In the nine months to December 31, Panasonic posted an operating profit of 121.95 billion yen.

The maker of Viera TVs kept its outlook for a full-year operating profit of 140 billion yen, below expectations for a 149 billion yen profit forecast from 18 analysts on Thomson Reuters I/B/E/S.

The company also kept its forecast for a net loss of 765 billion yen for the business year, the second biggest in its history, after writing off billions of dollars of goodwill and assets in its mobile and energy units and tax credits.

Panasonic's CEO Kazuhiko Tsuga is readying a fresh revival plan for the sprawling electronics conglomerate that he has promised will weed out loss-making or low-profit units. Further restructuring could add to costs and trim profits.

Since announcing the writedowns in October, the company's shares have gained 17 percent compared with a 24 percent gain in the benchmark Nikkei 225.

Its shares fell 1 percent on Friday to close at 592 yen before it released its results for the quarter.

(Reporting by Tim Kelly; Editing by Richard Pullin)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Facebook Earnings

Facebook Earnings

Facebook Q1 revenue grows 72 percent on rising mobile ads.  Full Article 

Huawei Shrugs

Huawei Shrugs

China's Huawei says reports of NSA spying won't impact growth  Full Article 

Betting on Content

Betting on Content

AOL, Microsoft lure advertisers with TV-style shows.  Full Article 

Restructuring Plans

Restructuring Plans

Zynga's Pincus withdraws from operations amid turnaround.  Full Article 

Security Threat

Security Threat

FBI warns healthcare sector vulnerable to cyber attacks.  Full Article 

Online Streaming

Online Streaming

Amazon grabs rights to stream older HBO shows.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage