Daikin Lifts Outlook on Record Aircon Sales, Japan Heat Wave (1)

Daikin Industries Ltd. raised its full-year profit forecast after reporting record quarterly sales in its mainstay air-conditioning business, fueled by a heat wave and strong inbound demand in Japan.

Shares rose as much as 8.9% in Tokyo trading on Thursday, their highest intraday level since Aug. 26.

The Japanese air conditioning manufacturer now expects full-year net income of ¥280 billion ($1.8 billion), 3% higher than its May forecast, according to a statement Wednesday. Japan residential demand in the first-half surged from due to record-breaking heat from June to August.

Commercial demand for air conditioning in Japan was lifted by ...