Panasonic announces fiscal third quarter financial results
Panasonic Corporation (Panasonic) released their third quarter fy 2022 results on February 2, 2022. The company reports that overall sales increased. More specifically, the company experienced increased sales of Industry (eg information and communication applications) and Energy (automotive batteries) as well as new consolidation of Blue Yonder, despite decreased sales of Lifestyle (consumer electronics in Japan) and Automotive (automotive solutions). The company states that this mainly due to impact from strong FY 21 demand.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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