February 4, 2020 / 6:57 AM / 19 days ago

Sharp's third-quarter profit up 38.5%, above estimates

FILE PHOTO: A logo of Sharp Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - Japan’s Sharp Corp (6753.T) on Tuesday reported a 38.5% increase in third-quarter operating profit thanks to gains at its smart appliance division and cost reduction efforts.

Sharp, which makes sensors, camera modules and screens for Apple Inc’s (AAPL.O) iPhones, posted an operating profit of 29.4 billion yen ($270 million) for the October-December quarter, up from 21.2 billion yen a year prior.

The result compared with a 22.98 billion yen average of six analyst estimates compiled by Refinitiv.

Sharp, a unit of Taiwan’s Foxconn (2317.TW), maintained its operating profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 85.20 billion yen from 10 analysts.

Editing by Kim Coghill

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