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Thursday, October 31, 2013
Panasonic Raises Operating Profit Forecast

Panasonic raised its full-year earnings forecast, with strong sales of its automotive systems and eco-friendly technology powering its transformation into an industrial components supplier.

The company increased its operating profit forecast for the year to March to 270 billion yen ($2.75 billion) from a previous forecast of 250 billion yen.

The Japanese company posted a net profit of 61.5 billion yen for the three months to September. This was the result of Panasonic's restructuring efforts with the company already out of plasma TVs, smartphones and having a shrinked chipmaking segment.

Regarding plasmas (PDP), Panasonic will end the production of plasma display panels (PDP) in December 2013, and stop business operations 6 factories. The company will end sales of plasma TVs for consumer use and PDP related products for commercial use, such as Interactive Plasma Displays, with the products for FY 2014 (ending March 31, 2014).

Panasonic said it would sharply increase its supply lithium batteries to U.S. carmaker Tesla to nearly 2 billion cells in the four years to 2017.

Panasonic also raised its full-year net profit forecast to 100 billion yen.

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