Panasonic Holdings Corp (OTC:PCRFY) reported an H1 FY24 sales growth of 1% Y/Y to ¥4.12 trillion on higher sales in Automotive, Connect, and automotive batteries and favorable currency translation.
By segments, sales fell 2% Y/Y at ¥1,683 billion in Lifestyle, while it rose by 20% Y/Y to ¥708.2 billion in Automotive, 7% Y/Y to ¥552.1 billion in Connect, fell 14% Y/Y to ¥510.4 billion in Industry and up 1% Y/Y to ¥476.8 billion in Energy businesses.
Operating profit rose 29% Y/Y to ¥192.8 billion, aided by price revisions and rationalization, the effect of exchange rates, and attaining tax credit under the U.S. Inflation Reduction Act.
Net profit attributable surged significantly to ¥288.4 billion from ¥107.3 billion a year ago.
EPS of ¥123.51 was considerably higher than ¥45.97 a year ago.
As of September 30, 2023, operating cash flow stood at ¥391.8 billion, and cash and cash equivalents came in at ¥1,165.0 billion.
FY24 Outlook: Panasonic lowered its outlook for FY24 revenue to ¥8.4 trillion (from ¥8.5 trillion earlier) and operating profit to ¥400 billion (from ¥430 billion).
The sales guidance cut was due to the impact of the accounting treatment for the U.S. IRA Tax Credit in Energy and sluggish market conditions in the Lifestyle and Industry segments.
The company lowered its full-year operating profit forecast for the energy segment, which supplies Tesla Inc (NASDAQ:TSLA), to ¥115 billion from ¥135 billion.
On the other hand, the company reiterated the net profit guidance at ¥460.0 billion.
Price Action: PCRFY shares closed lower by 0.52% to $9.59 on Friday.