UPDATE 2-Sanyo returns to the black but outlook disappoints

(Recasts with results)

TOKYO, May 22 (Reuters) - Sanyo Electric Co (6764.T) returned to the black for the first time in four years, helped by robust sales of rechargeable batteries and digital cameras, and said profit would jump this year on the sale of its cellphone unit.

But heavy investments in its batteries and solar cell operations, as well as unfavourable currency rates and higher raw material prices caused Sanyo's operating profit outlook to miss expectations, helping push its stock nearly 5 percent lower.

The world's largest rechargeable battery maker forecast a 34 percent drop to 50 billion yen ($486 million) for the year that started in April, falling short of a Reuters consensus estimate of 66.9 billion yen from nine analysts.

"We will see (operating) profit fall this business year but it is investment for the future," Sanyo President Seiichiro Sano told a news conference.

The stock ended at 273 yen, down 4.9 percent on the day and making it the worst performer among the Nikkei 225 components.

Sanyo is shedding loss-making units with the help of major shareholder Goldman Sachs (GS.N). It has been hit hard in recent years by hefty costs to cut thousands of jobs, steep price falls and earthquake damage to its microchip plant.

Part of that restructuring includes the sale of its cellphone operations to Kyocera Corp (6971.T) for around 40 to 50 billion yen, and which is set to push its net profit up 22 percent this business year to 35 billion yen.

For the business year just ended, Sanyo said net profit jumped to 28.7 billion yen, slightly ahead of expectations and which compares with a loss of 45.4 billion yen a year earlier.

In addition to strong sales of batteries and digital cameras, results were also helped by the exclusion of its loss-making cellphone business. The cellphone unit was not included under U.S. accounting rules as it was not counted as part of continuing operations. (Reporting by Edwina Gibbs and Taro Fuse; Editing by Chris Gallagher)