Panasonic second-quarter profit beats estimates on boost from Tesla battery business

In this news, we discuss the Panasonic second-quarter profit beats estimates on boost from Tesla battery business.

TOKYO (Reuters) – Panasonic Corp on Thursday reported an 11% increase in second-quarter operating profit, beating analyst estimates, on the strength of its Tesla Inc. battery business.

Panasonic, the main supplier of battery cells to Tesla Inc, reported a profit of 92.8 billion yen ($ 886.34 million) for the July-September period, compared to 83.9 billion yen a year ago. year.

The result exceeded the 33.67 billion yen average estimated by eight analysts in a poll by Refinitiv.

The company maintained its profit forecast for the year through March at 150 billion yen, down 48.9% from the previous year.

Its automotive components business turned profitable as its battery business for Tesla, including the Nevada joint plant and its Japanese factories, generated profits from sustained sales of Tesla electric vehicles.

Tesla reported its fifth consecutive quarterly profit last week on record revenue of $ 8.8 billion, boosted by increased vehicle deliveries and sales of environmental regulatory credits to other automakers.

Reporting by Makiko Yamazaki; Editing by Rashmi Aich

Original © Thomson Reuters Corporation

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