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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Heavy rains delay salvage of crashed Pakistan plane | Video 8:09am EDT Foreclosures up in 75 percent of top U.S. metro areas 7:48am EDT Bear kills man, injures two near Yellowstone Park 28 Jul 2010 Four killed in Air Force plane crash in Alaska 9:34am EDT Key parts of Arizona anti-immigration law blocked | Video 28 Jul 2010 Schwarzenegger declares California fiscal emergency 28 Jul 2010 China urges change in U.S. policy to avoid friction 7:45am EDT UPDATE 2-Schwarzenegger declares California fiscal emergency 28 Jul 2010 UPDATE 7-Key parts of Arizona anti-immigration law blocked 12:06am EDT Officials ready criminal probe of oil spill: report 28 Jul 2010 Foreclosures up in 75 percent of top U.S. metro areas 7:48am EDT Schwarzenegger declares California fiscal emergency 28 Jul 2010 Bear kills man, injures two near Yellowstone Park 28 Jul 2010 China urges change in U.S. policy to avoid friction 7:45am EDT Dolce & Gabbana dress Chelsea players in soccer push 27 Jul 2010 Key parts of Arizona anti-immigration law blocked | Video 28 Jul 2010 Haitian singer Wyclef Jean weighs presidential bid | Video 28 Jul 2010 UPDATE 2-Schwarzenegger declares California fiscal emergency 28 Jul 2010 Officials ready criminal probe of oil spill: report 28 Jul 2010 Escaped tiger found after massive South Africa search 28 Jul 2010 Sony surprises with Q1 profit, raises outlook Digg This Tweet This Share on LinkedIn Share on Facebook Related News WRAPUP 3-Sony surprises with Q1 profit, raises outlook 11:19am EDT UPDATE 8-Panasonic buying Sanyo, other unit for $9.4 bln 8:40am EDT WRAPUP 3-Toshiba leads Japan chips rebound, outlook cautious 8:26am EDT UPDATE 2-Nintendo posts lowest Q1 profit in 5 yrs, keeps view 5:18am EDT Nikkei falls 0.6 percent after rally as Panasonic tumbles 3:58am EDT Related Topics Technology » iPad » Hot Stocks » Asian Markets » Media » A woman visits a Sony Corp showroom in Tokyo in this June 18, 2010 file photo. Credit: Reuters/Yuriko Nakao By Isabel Reynolds TOKYO | Thu Jul 29, 2010 11:23am EDT TOKYO (Reuters) - Sony Corp lifted its annual outlook and returned to profitability in the first quarter on booming demand for its Bravia flat TVs and PlayStation 3 game consoles. Rivals Panasonic Corp and Sharp Corp also reported profits for April-to-June versus losses a year ago, while Panasonic joined Sony in upgrading its forecast as both companies cashed in on growing sales in emerging markets. Panasonic unveiled plans for a $5.7 billion share offering to help finance a buyout of Sanyo Electric and another unit as it tries to cut overlap and expand sales of energy and environment-related products. The increased profit targets suggest a road to recovery for Japanese electronics makers as consumers and companies revive spending. However, the yen's persistent strength and tough competition with South Korean rivals such as Samsung Electronics and LG Electronics remain key risks. Japan's electronics giants are also keeping a wary eye on the impact of the debt crisis on European demand, which accounted for more than 25 percent of Sony's sales last year. "It (Sony) did well in the April quarter with aggressive marketing, especially in its TV business, but its growth rate will slow down in the current quarter because overall TV sales are weakening in line with a softening global economy," said Park Young-Joo, an analyst at Woori Investment and Securities in Seoul. Sony, the world's second-largest camera maker after Canon Inc, reported April-to-June operating profit of 67 billion yen ($766 million), versus the consensus for a 13 billion-yen loss in a poll of four analysts, and a loss of 25.7 billion yen a year ago. The Japanese company's results were more upbeat than LG Electronics, which announced a worse-than-expected 90 percent fall in quarterly profit on Wednesday, hit by poor TV and mobile handset sales. Sony's shares trading in the United States climbed 7.8 percent to $31.87 in morning activity on the New York Stock Exchange. By contrast, Sharp's U.S. shares rose about 2.8 percent, while Panasonic stock slipped less than 1 percent. EMERGING MARKETS FUEL GROWTH As well as improving demand for Bravia LCD TVs and Vaio PCs, sales of Sony's PlayStation 3 game consoles, which can now be used to play several 3D games on Sony's 3D TVs, more than doubled to 2.4 million units. Sony has also benefited from the aggressive cost-cutting implemented in the last financial year by its Welsh-American chief executive, Howard Stringer, a former TV newsman and one of the few foreigners to head a major Japanese company. "Sony's results far exceeded market expectations. The main drivers were stronger demand for electronics products and solid demand from China and emerging markets like Latin America," Anita Huang, manager of ING's Japan Fund, said. She said the fund plans to buy more shares of Sony due to the better-than-expected results. After Sony moved into profit for the year to March 2010, largely on the back of income from its financial services division, Chief Financial Officer Masaru Kato lauded the latest results as a return to the company's roots. "The real driver of our growth should be the products, services and contents that we offer to customers," he told a news conference on Thursday, singling out new hit products such as a lightweight camera with interchangeable lenses launched last month. Electronics sales in developing markets are up about 40 percent on a year ago on average, Kato added. Some analysts said the NEX cameras, which combine light weight and compact size with some of the features of professional digital cameras, such as interchangeable lenses, could help Sony to take a big bite out of both compact and single-lens reflex markets, potentially pushing Canon off the top spot. Stringer has said he believes Sony is well positioned to take advantage of consumer interest in 3D products, given that it has a treasure trove of film and gaming content to back up its hardware offerings. Panasonic shares trading in Japan had tumbled 7.7 percent in heavy volume in a fall triggered by an earlier Reuters report of its capital raising plan. ($1=87.47 Yen) (Additional reporting by Nathan Layne in Tokyo, Faith Hung in Taipei and Franklin Paul in New York, Editing by Anshuman Daga and Maureen Bavdek) Technology iPad Hot Stocks Asian Markets Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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