July 31, 2019 / 6:41 AM / 20 days ago

Panasonic's Q1 profit down 44%, misses estimates

TOKYO, July 31 (Reuters) - Japan’s Panasonic Corp reported on Wednesday a 43.6% plunge in first-quarter operating profit, missing estimates, as Sino-U.S. trade tensions dampened demand for its automotive and industrial components in China.

Panasonic, the exclusive battery cell supplier for Tesla Inc , posted an operating profit of 56.39 billion yen ($519.68 million) for the April-June quarter, down from 99.96 billion yen a year prior.

That was below a consensus estimate of 70.93 billion yen from eight analysts compiled by Refinitiv.

Panasonic maintained its profit forecast for the year ending March at 300 billion yen, versus a consensus estimate of 319.97 billion yen from 20 analysts. ($1 = 108.5100 yen) (Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)

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