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This Key Tesla Supplier Clocked 110% Revenue Growth In Q1

·1 min read
  • Panasonic Holdings Corp (OTC: PCRFYreported the first quarter FY23 net sales growth of 110% year-on-year to 1.97 trillion yen.

  • Higher sales of products like automotive batteries and the new consolidation of Blue Yonder drove the growth.

  • Domestic net sales rose 96% Y/Y to 736.1 billion yen. Overseas net sales increased 121% Y/Y to 1.24 trillion yen.

  • Lifestyle segment sales increased by 7% Y/Y to 836.5 billion yen.

  • Automotive sales increased by 4% Y/Y to 269.6 billion yen, Connect sales increased by 18% Y/Y to 244.8 billion yen, Industry sales increased by 4% Y/Y to 296.5 billion yen, and Energy sales increased by 21% Y/Y to 227.8 billion yen.

  • The operating profit declined 39% Y/Y to 63.7 billion yen due to the Shanghai lockdown, semiconductor crisis, and higher raw material prices.

  • The operating margin contracted 260 bps to 3.2%. EPS was 20.97 yen.

  • Panasonic generated 122.5 billion yen in operating cash flow and held 947.9 billion in cash and equivalents.

  • Recently Panasonic informed finalizing the U.S. site for Tesla Inc's (NASDAQ: TSLA) new battery plant.

  • Photo by Don McCullough via Flickr

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