This Key Tesla Supplier Clocked 110% Revenue Growth In Q1

Panasonic Holdings Corp PCRFY reported the first quarter FY23 net sales growth of 110% year-on-year to 1.97 trillion yen.
Higher sales of products like automotive batteries and the new consolidation of Blue Yonder drove the growth.
Domestic net sales rose 96% Y/Y to 736.1 billion yen. Overseas net sales increased 121% Y/Y to 1.24 trillion yen.
Lifestyle segment sales increased by 7% Y/Y to 836.5 billion yen.
Automotive sales increased by 4% Y/Y to 269.6 billion yen, Connect sales increased by 18% Y/Y to 244.8 billion yen, Industry sales increased by 4% Y/Y to 296.5 billion yen, and Energy sales increased by 21% Y/Y to 227.8 billion yen.
The operating profit declined 39% Y/Y to 63.7 billion yen due to the Shanghai lockdown, semiconductor crisis, and higher raw material prices.
The operating margin contracted 260 bps to 3.2%. EPS was 20.97 yen.
Panasonic generated 122.5 billion yen in operating cash flow and held 947.9 billion in cash and equivalents.
Recently Panasonic informed finalizing the U.S. site for Tesla Inc's TSLA new battery plant.
Photo by Don McCullough via Flickr