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As a result of strong TV, DVD recorder, and home appliance sales, Panasonic maker Matsushita Electric Industrial's quarterly profit grew by 42%.

The company predicts a slower growth in profit as the year goes on, however.

"Matsushita is one of the only companies that is coming out with earnings that's better or in-line with expectations," Hideki Watanabe, a senior analyst at Macquarie Securities (Japan) Ltd. who has an "outperform" rating on Matsushita, said before the earnings announcement. "They have pushed through with reforms and are in very solid position."

Reuters says:

Matsushita's earnings came a day after archrival Sony Corp. posted an operating loss for the three months ended March 31 as tumbling prices of consumer electronics and restructuring expenses weighed on its results.

The Osaka-based Matsushita is more efficient than Sony in production of plasma televisions and DVD recorders because it makes a higher percentage of the key parts in-house, enabling it to better control costs and generate higher margins.

Chris is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.