Panasonic Q3 report 2024

For the nine months ended December 31, 2023, the Company’s consolidated sales increased by 1% to 6,300.3 billion yen from a year ago. This is due to increased sales in Automotive, Connect, and automotive batteries as well as the effect of currency translation, despite largely decreased sales in Industry.

Operating profit increased by 37% to 320.3 billion yen and profit before income taxes increased by 44% to 368.8 billion yen from a year ago. This is due mainly to the progress of price revisions and rationalization, the effect of exchange rates, as well as recording of tax credit under the Inflation Reduction Act in the U.S. (the “US IRA Tax Credit”), despite increased fixed costs mainly related to strategic investments and the impact of price hikes in raw materials.

Net profit attributable to Panasonic Holdings Corporation stockholders considerably increased by 145% to 399.2 billion yen from a year ago. This is due to the above-mentioned factors as well as a decrease in income taxes with the liquidation of Panasonic Liquid Crystal Display Co., Ltd. (through “Special Liquidation” defined in the Japanese Companies Act) and its debt waiver (for further details, please refer to Note 1 of “Notes to consolidated financial statement”).