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

TOKYO (Reuters) – Japan’s Sharp Corp <6753.T> 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)