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Panasonic second quarter profit falls 15 percent, misses estimates

Editorial Bureau by Editorial Bureau
October 31, 2018
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Panasonic second quarter profit falls 15 percent, misses estimates

FILE PHOTO - Panasonic's logo is seen on a wall of an electronic shop in Tokyo February 3, 2012. REUTERS/Kim Kyung-Hoon/File Photo

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TOKYO (Reuters) – Japan’s Panasonic Corp on Wednesday reported a 15 percent fall in second-quarter operating profit, missing analyst estimates, weighed down by investment in Tesla Inc’s battery plant in Nevada.

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Panasonic, the exclusive battery cell supplier for new electric vehicles (EVs) made by Tesla, posted profit of 95.2 billion yen(661.36 million pounds) for the July-September period, versus 112.7 billion yen a year prior.

The result compared with the 112.60 billion yen average of 7 analyst estimates compiled by Refinitiv.

Panasonic maintained its profit forecast for the year through March at 425 billion yen, versus a 432.51 billion yen estimate from 20 analysts.

($1 = 113.2100 yen)

(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)

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