May 10, 2018 / 8:10 AM / 11 days ago

CORRECTED-Japan's Panasonic sees 11.7 pct profit increase, in line with estimates

(Corrects year in first paragraph to 2019, not 2018)

TOKYO, May 10 (Reuters) - Japanese electronics conglomerate Panasonic Corp said on Thursday it expects operating profit to increase 11.7 percent in the year through March 2019 as sales of vehicle components and batteries expand.

Panasonic, the exclusive battery cell supplier for Tesla Inc’s mass-market Model 3 electric car, forecast profit of 425 billion yen ($3.87 billion), from 380.54 billion yen a year prior.

The outlook compared with the 429.76 billion yen average of 19 analyst estimates compiled by Thomson Reuters. It was below Panasonic’s 450 billion yen target set three years ago. ($1 = 109.9500 yen)

Reporting by Makiko Yamazaki Editing by Christopher Cushing

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