Matsushita Electric Industrial Co, the world’s largest maker of consumer electronics, forecast profit will rise 10 percent to a record, beating analysts’ estimates, led by sales of Panasonic televisions and cameras.
Net income will rise to ¥310 billion (US$2.97 billion) in the year ending next March as revenue climbs 1.4 percent to ¥9.2 trillion, the company said yesterday.
Profit rose 30 percent and sales fell 0.4 percent last fiscal year, also exceeding the median estimate in a Bloomberg survey of five analysts.
Matsushita, based in Osaka, Japan, projected its flat-panel TV shipments will rise 47 percent this fiscal year as it boosts sales outside the Americas region to counter a slowing US economy. The forecasts helped ease concern that stronger yen will erode earnings after Sharp Corp and Ricoh Co predicted earnings that missed analysts’ estimates.
“It’s a big surprise that the company managed to come up with a profit forecast that’s so good” under current economic conditions, said Koichi Hariya, an analyst with Mizuho Securities Co, who has a “hold” rating on Matsushita.
The challenge Matsushita faces is how the company will meet its target for flat-panel TV sales, he said.
The company was expected to post net income of ¥270.4 billion and sales of ¥9.1 trillion this year, the survey said.
Matsushita said operating profit, or sales minus administrative expenses and costs of goods old, will probably rise 7.8 percent to ¥560 billion, surpassing analysts’ expectations of ¥515 billion.
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