Panasonic third-quarter profit rises 3%, beating estimates

TOKYO (Reuters) – Panasonic Corp (T:) on Monday reported a 3% rise in third-quarter operating profit, beating analyst estimates, thanks to restructuring efforts and an improvement at the joint battery business with Tesla Inc (O:)

Panasonic, which supplies battery cells for electric vehicles (EVs) made by Tesla, posted a profit of 100.4 billion yen ($915.22 million) for the October-December period, versus 97.6 billion yen a year prior.

The result compared with the 67.36 billion yen average of eight analyst estimates in a poll by Refinitiv.

Panasonic maintained its profit forecast for the year through March at 300 billion yen, compared with an average estimate of 295.14 billion yen from 20 analysts.

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