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Panasonic Q3 profit surges on strong sales in auto parts, housing divisions
February 4, 2014 / 6:46 AM / 4 years ago

Panasonic Q3 profit surges on strong sales in auto parts, housing divisions

TOKYO, Feb 4 (Reuters) - Japan’s Panasonic Corp said operating profit for the October-December quarter more than tripled as strong sales of electronic products for cars and energy-efficient homes helped it beat analyst expectations for the second straight quarter.

Panasonic reported 116.6 billion yen ($1.15 billion) in operating profit for the third quarter of its fiscal year, up from 34.6 billion a year earlier. That was close to double expectations of 66.2 billion yen, the “SmartEstimate” or average of the most accurate analysts surveyed by Thomson Reuters I/B/E/S.

The Osaka-based company is reaping the benefit of a lengthy, expensive restructuring that has seen it retreat from smartphones and scale back its semiconductor operations to focus on other businesses. But the company remained cautious despite the strong quarterly earnings: it left its forecast for full-year operating profit unchanged at 270 billion yen, having raised its outlook last October. ($1 = 101.2550 Japanese yen)

Reporting by Sophie Knight; Editing by Kenneth Maxwell

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