Panasonic Posts FQ1 Profit, Maintains Full Year Forecast
Panasonic (NYSE: PC) swung to a profit in the fiscal first quarter.
Panasonic posted a quarterly net profit of 12.81 billion yen, versus a year-ago loss of Y30.35 billion. Its revenue dropped 6.0% to Y1.815 trillion, while operating profit jumped to Y38.60 billion.
Analysts were expecting a net profit of Y8.38 billion on revenue of Y1.891 trillion.
For the full year through March, the company maintained its net profit view of Y50 billion on sales of Y8.1 trillion.
Panasonic shares closed at $6.65 yesterday.
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