Stock Market News

Panasonic sees record profit on robust battery demand, U.S. tax credit

2023.05.10 05:29


© Reuters. FILE PHOTO: A pedestrian is reflected in a sign at Panasonic Center in Tokyo, Japan, Feb. 3, 2016. REUTERS/Yuya Shino/File Photo

TOKYO (Reuters) -Japan’s Panasonic (OTC:) Holdings Corp on Wednesday said it expects net profit to rise to a record high this year on robust auto battery sales and a hefty tax credit in the United States.

The industrial conglomerate, which supplies batteries to U.S. electric vehicle (EV) leader Tesla (NASDAQ:) Inc, is expanding its energy business just as persistently high inflation rates worldwide dampen consumer sentiment.

Panasonic predicts net profit will grow 32% from a year earlier to a record 350 billion yen ($2.59 billion) as it expects a tax credit for EV battery operations under the U.S. Inflation Reduction Act to boost its bottom line by 100 billion yen.

The net profit outlook would be up 23% from the prior record for net profit of 284.1 billion yen, set in the year ending in March 2019.

The company sees operating profit of 430 billion yen for the year through March 2024, versus 288.6 billion yen a year earlier. That beats the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv.

For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

($1 = 135.0500 yen)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,925.97 1.66%
ethereum
Ethereum (ETH) $ 3,383.03 2.82%
tether
Tether (USDT) $ 0.99942 0.06%
xrp
XRP (XRP) $ 2.27 1.89%
bnb
BNB (BNB) $ 666.99 2.16%
solana
Solana (SOL) $ 185.74 4.86%
dogecoin
Dogecoin (DOGE) $ 0.320884 5.09%
usd-coin
USDC (USDC) $ 1.00 0.02%
staked-ether
Lido Staked Ether (STETH) $ 3,379.44 2.75%
cardano
Cardano (ADA) $ 0.916368 5.43%
tron
TRON (TRX) $ 0.247928 1.67%
avalanche-2
Avalanche (AVAX) $ 38.25 7.16%
chainlink
Chainlink (LINK) $ 22.51 6.13%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,011.99 2.95%
the-open-network
Toncoin (TON) $ 5.39 2.84%
sui
Sui (SUI) $ 4.54 5.14%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 5.35%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,670.90 1.78%
hyperliquid
Hyperliquid (HYPE) $ 34.10 4.11%
stellar
Stellar (XLM) $ 0.367237 2.36%
polkadot
Polkadot (DOT) $ 7.19 4.47%
hedera-hashgraph
Hedera (HBAR) $ 0.265551 2.49%
weth
WETH (WETH) $ 3,384.74 2.80%
bitcoin-cash
Bitcoin Cash (BCH) $ 459.14 2.41%
leo-token
LEO Token (LEO) $ 9.34 0.29%
uniswap
Uniswap (UNI) $ 13.99 0.66%
litecoin
Litecoin (LTC) $ 101.89 1.33%
pepe
Pepe (PEPE) $ 0.000018 5.86%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,573.35 2.71%
near
NEAR Protocol (NEAR) $ 5.08 6.62%
ethena-usde
Ethena USDe (USDE) $ 0.999473 0.01%
bitget-token
Bitget Token (BGB) $ 4.26 4.13%
aptos
Aptos (APT) $ 9.60 10.96%
usds
USDS (USDS) $ 0.996706 0.26%
internet-computer
Internet Computer (ICP) $ 10.22 7.40%
aave
Aave (AAVE) $ 306.41 6.52%
crypto-com-chain
Cronos (CRO) $ 0.159788 5.10%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.486196 4.02%
ethereum-classic
Ethereum Classic (ETC) $ 26.49 4.03%
mantle
Mantle (MNT) $ 1.18 4.35%
render-token
Render (RENDER) $ 7.26 5.42%
vechain
VeChain (VET) $ 0.046404 5.10%
mantra-dao
MANTRA (OM) $ 3.70 5.25%
whitebit
WhiteBIT Coin (WBT) $ 24.33 1.14%
monero
Monero (XMR) $ 188.67 1.04%
bittensor
Bittensor (TAO) $ 463.98 4.88%
dai
Dai (DAI) $ 0.999939 0.12%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.29 6.21%
arbitrum
Arbitrum (ARB) $ 0.761056 6.40%
ethena
Ethena (ENA) $ 1.09 8.40%