Panasonic cuts full-year operating profit outlook on China slowdown
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Japanese electronics firm Panasonic Corp cut its full-year outlook for operating profit on Wednesday due to concerns over weaker home appliances sales in China amid an economic slowdown.
Panasonic forecast group operating profit of 410 billion yen ($3.42 billion) for the year through March, down from a previous estimate of 430 billion yen.
Panasonic said October-December operating profit increased to 119.8 billion yen from 113.3 billion yen a year earlier. That missed an average forecast of 122.9 billion yen in a Thomson Reuters survey of six analysts.
Questions & Answers
Q.What is Panasonic's updated forecast for full-year operating profit?
What is Panasonic's updated forecast for full-year operating profit?
Panasonic now forecasts a group operating profit of 410 billion yen for the year through March. This is a reduction from their earlier estimate of 430 billion yen.
Q.Why did Panasonic lower its full-year profit outlook?
Why did Panasonic lower its full-year profit outlook?
The company reduced its forecast due to concerns about weaker sales of home appliances in China. This weakness is attributed to an economic slowdown in the region.
Q.How did Panasonic's October-December operating profit compare to analyst expectations?
How did Panasonic's October-December operating profit compare to analyst expectations?
Panasonic's operating profit for the October-December quarter was 119.8 billion yen. This figure missed the average analyst forecast of 122.9 billion yen.
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