Panasonic Q1 Highlights: Profits Surge Significantly, Raises FY24 Net Profit Outlook

Panasonic Holdings Corp PCRFY reported a Q1 FY24 sales growth of 3% Y/Y to ¥2.03 trillion on higher sales in Automotive, Connect, and automotive batteries and favorable currency translation.

In USD terms, sales of $14.80 billion missed the consensus of $15.07 billion, as per Reuters

By segments, sales remained flat Y/Y at ¥838.7 billion in Lifestyle, while it rose by 27% Y/Y to ¥341.0 billion in Automotive, 8% Y/Y to ¥263.3 billion in Connect, fell 16% Y/Y to ¥249.0 billion in Industry and up 5% Y/Y to ¥238.4 billion in Energy businesses.

Operating profit rose 42% Y/Y to ¥90.4 billion vs. analyst forecast of ¥91.18 billion, aided by higher sales, price revisions, and rationalization, and attaining tax credit under the U.S. Inflation Reduction Act.

Net profit attributable surged significantly to ¥200.9 billion from ¥48.9 billion a year ago

EPS of ¥86.06 was considerably higher than ¥20.97 a year ago. 

As of June 30, 2023, operating cash flow stood at ¥226.6 billion, and cash and cash equivalents came in at ¥909.9 billion. 

Outlook: Panasonic reiterated FY24 revenue of ¥8.5 trillion with an operating profit of ¥430 billion.

On the other hand, the company raised net profit to ¥460.0 billion from ¥350.0 billion, reflecting lower income taxes related to the liquidation of Panasonic Liquid Crystal Display Co., Ltd. and its debt waiver.

Also ReadPanasonic Energy Eyes Expansion With Four New Factories For EV Battery Manufacturing: Report

Price Action: PCRFY shares closed lower by 1.13% to $12.23 on Friday.

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