Panasonic Corp., the world’s largest maker of plasma televisions, fell the most in more than two months in Tokyo trading after the company reported profit that missed analyst estimates.
The stock dropped as much as 2.8 percent, the biggest intraday decline since Nov. 24, to 1,094 yen and traded at 1,100 yen as of 10:13 a.m. Japan’s benchmark Nikkei 225 Stock Average fell 0.2 percent.
Panasonic reported third-quarter net income of 40 billion yen ($490 million) yesterday, missing the 44.7 billion yen average of four analyst estimates compiled by Bloomberg. Operating profit fell unexpectedly. Mitsubishi UFJ Financial Group Inc.’s securities unit cut its share-price estimate for Panasonic.
The company’s quarterly profit was lower than expected, giving a “negative impression,” Masahiko Ishino, an analyst for the brokerage in Tokyo, wrote in a report yesterday. He cut his price estimate for Panasonic to 1,200 yen from 1,300 yen.
Third-quarter operating profit, or sales minus the cost of goods sold and administrative expenses, declined 5.6 percent to 95.3 billion yen, Panasonic said yesterday. That missed the 105.5 billion yen average analyst estimate.
Third-quarter profit at the company’s main audiovisual product division fell 1 percent to 39.9 billion yen as sales of plasma TVs dropped 13 percent. Income from the components division tumbled 81 percent on lower demand for chips used in computers, TVs and cameras.
Panasonic kept its full-year earnings forecasts unchanged.