OSAKA, Japan (
swung to a profit in the third quarter of 32.3 billion yen ($361 million) from a year-earlier loss as overseas sales rose 3%, and it raised its fiscal 2010 sales and operating profit forecasts.
Panasonic, however, said "despite visible signs of marketrecovery" in regions such as China and Asia, "severe business conditions continuedwith changes in the market structure including demand shifts to emerging markets andlower-priced products."
Group sales for the quarter rose to 1.89 trillion yen from 1.88 trillion yen a year earlier. Overseas sales rose to 887.1 billion yen.
Panasonic said third-quarter earnings were helped mainly by "comprehensive streamlining of management."
In the third quarter of 2008, Panasonic had a loss of 63.1 billion yen.
Panasonic said it raised its sales forecast for the year to 7.35 trillion yen from a previous forecast of 7 trillion yen. Its operating profit forecast was raised to 150 billion yen from an earlier forecast of 120 billion yen.
Panasonic's previous prediction of a fiscal 2010 loss of 140 billion yen remains unchanged.
The stock fell 3.1% in Tokyo.
-- Reported by Joseph Woelfel in New York.
Follow TheStreet.com on
and become a fan on