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Panasonic posts third-quarter operating profit gain, beats analysts' estimates

Panasonic posts third-quarter operating profit gain, beats analysts' estimates

A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

TOKYO: Japanese consumer electronics maker Panasonic Corp on Tuesday posted third-quarter operating profit of 130.2 billion yen (US$1.24 billion), according to Reuters calculations, beating analysts forecasts as sales rebounded more than expected.

The third-quarter profit, calculated from Panasonic's official numbers for the first nine months of the year, is well up from the 100.4 billion yen profit recorded for the same period a year ago. It easily beat an estimate of 74.6 billion yen from four analysts, according to Refinitiv.

Panasonic also raised its full-year operating profit forecast to 230 billion yen from 150 billion yen. That was higher than an average 174.6 billion yen forecast based on estimates from 15 analysts, Refinitiv data shows.

(US$1 = 104.9900 yen)

(Reporting by Tim Kelly; Editing by Jane Wardell and Kenneth Maxwell)

Source: Reuters

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