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    6752   JP3866800000

PANASONIC CORPORATION

(6752)
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Panasonic's Q1 profit soars 27 times on robust demand for car batteries, appliances

07/29/2021 | 02:59am EDT
FILE PHOTO: A man is reflected on Panasonic Corp's logo at Panasonic Center in Tokyo

* Automotive business returns to profit

* Reaffirms full-year profit forecast of 330 bln yen

TOKYO, July 29 (Reuters) - Panasonic Corp said first-quarter operating profit surged more than 27 times, handily beating expectations as demand for home appliances and automotive batteries recovered from a particularly weak COVID-hit year.

Profit for April-June rose to 104.4 billion yen ($950 million) from 3.8 billion yen a year earlier, some 50% higher than market expectations and its strongest performance for a first quarter since 2008.

Panasonic, a key supplier of batteries to Tesla Inc , has moved away from low-margin consumer electronics, and now focuses on electric car batteries, industrial-use components and production machinery.

That said, its home appliances including air conditioners and TVs have sold well this year as people spend more time at home during the pandemic.

The automotive business swung to a profit of 9.8 billion yen, benefiting from growing demand for electric car batteries through its decade-old, sometimes testy, partnership with Tesla. That compares with a loss of 9.5 billion yen in the same period a year earlier when it was forced to suspend production at its joint venture with Tesla in Nevada.

Panasonic is launching a test line in Japan to make Tesla's so-called 4680 battery cells, which the automaker claims will halve battery costs and help it ramp up battery production 100-fold by 2030.

It is adding a new production line at the Nevada factory and is looking to build a lithium-ion battery business in Europe that would supply car makers there. The Japanese firm also has a battery partnership with Toyota Motor Corp.

Tesla this month posted record vehicle deliveries for the second quarter, weathering a global chip crunch better than rivals, and on Monday it posted market-beating quarterly earnings.

Panasonic reaffirmed its full-year forecast of an annual profit of 330 billion yen, slightly lower than analysts' forecasts. ($1 = 109.76 yen) (Reporting by Makiko Yamazaki and Tim Kelly; Editing by Edwina Gibbs)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PANASONIC CORPORATION 0.22% 1387.5 End-of-day quote.16.55%
TESLA, INC. 0.23% 753.64 Delayed Quote.6.56%
TOYOTA MOTOR CORPORATION -1.10% 9820 End-of-day quote.23.41%
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Analyst Recommendations on PANASONIC CORPORATION
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Financials
Sales 2022 7 198 B 65 239 M 65 239 M
Net income 2022 238 B 2 161 M 2 161 M
Net cash 2022 364 B 3 300 M 3 300 M
P/E ratio 2022 13,6x
Yield 2022 2,16%
Capitalization 3 238 B 29 389 M 29 348 M
EV / Sales 2022 0,40x
EV / Sales 2023 0,36x
Nbr of Employees 240 202
Free-Float 90,9%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 1 387,50 JPY
Average target price 1 593,41 JPY
Spread / Average Target 14,8%
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Managers and Directors
Yuki Kusumi President, Chief Executive Officer & Director
Hirokazu Umeda CFO, Director & Managing Executive Officer
Kazuhiro Tsuga Chairman
Yoshiyuki Miyabe Chief Technology & Information Officer
Laurence William Bates Director & Chief Compliance Officer
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