Panasonic Has Surprise Quarterly Profit on Weaker Yen, Cost Cuts
Panasonic Corp. and Sharp Corp., struggling to recover from record losses, may have won some time after job cuts, asset sales and a weaker yen helped them improve third-quarter earnings.
Panasonic, Japan’s second-largest TV maker, posted 61.3 billion yen ($665 million) in net income for the three months ended Dec. 31, according to a statement today. Analysts expected a 17 billion-yen loss, based on the average of three estimates compiled by Bloomberg. Sharp, Japan’s No. 3 TV maker, reported its first operating profit in five quarters.