TOKYO (Reuters) -Japan’s Panasonic Holdings cut by 13.5% on Thursday its forecast for full-year operating profit, mainly fuelled by an expected decrease in profit at its key energy unit that supplies batteries to Tesla and other automakers.
Panasonic now expects group operating profit for the fiscal year to end-March 2026 to come in at 320 billion yen ($2.12 billion), down from 370 billion expected previously.
The forecast was revised down largely on the impact from U.S. tariffs and lower-than-anticipated sales volumes and U.S. tax credit benefits for the automotive battery business, as well as bigger-than-expected restructuring expenses.
Panasonic reported a second-quarter operating profit of 1.2 billion yen for the energy unit, a 96.4% decline from the same period last year.
($1=150.7800 yen)
(Reporting by Daniel Leussink; Editing by Clarence Fernandez and Mrigank Dhaniwala)
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