2024-02-02 13:05:27 ET
Panasonic Holdings Corporation (PCRFY)
Q3 2024 Earnings Conference Call
February 2, 2024, 1:30 AM ET
Company Participants
Conference Call Participants
Shiro Nakamura - Asahi Newspaper
Fumika Sato - Nikkei Asia
Shigeki Okazaki - Nomura Securities
Mikio Hirakawa - BoA Securities
Mika Nishimura - Okasan Securities
Masahiro Ono - Morgan Stanley MUFG
Presentation
Unidentified Company Representative
I would like to go over the Consolidated Financial Results for the Third Quarter of Fiscal 2024. These are the highlights. Regarding the U.S. Inflation Reduction Act or IRA, the accounting treatment is the same as in the first and second quarters. Proposed rules for section 45X was released last December, but there are no major changes to the contents.
Next, the results for the third quarter. Those sales and profit increased, even excluding the IRA impact. Overall sales increased due to increased sales in Automotive and currency translation, despite lower sales in Lifestyle and Industry.
Adjusted operating profit increased overall on higher profit and Lifestyle, Automotive and Energy, despite lower profit in Connect and Industry. Net profit increased mainly on above factors, as well as improved finance, income and expenses. Operating cash flows for nine months significantly increased year-on-year, due mainly to reduced inventories.
For the full year forecast, the Group-wide forecast remains unchanged. The partnership with Apollo regarding Panasonic Automotive Systems business announced in November is not factored into our forecast.
By segment, the forecasts are revised, reflecting changes in each business environment. In Automotive, both sales and profit are revised upward, while in Lifestyle, both sales and profit are revised downward. In Connect and Energy, sales are revised upward....
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Panasonic Holdings Corporation (PCRFY) Q3 2024 Earnings Call Transcript