Hitachi Metals, Ltd. Announces Consolidated Earnings Results for the Nine Months Ended December 31, 2017; Revises Earnings Guidance for the Year Ending March 31, 2018
Revenues of the Group have been trending above forecasts from the beginning of the fiscal year due to factors such as an increase in demand mainly for mainstays, a rise in raw materials prices (sliding-scale raw material price system) and depreciation of the yen. Profit, however, is expected to fall below the forecast from the beginning of the fiscal year due to factors including a drop in profitability of heat-resistant exhaust casting components and aluminum wheels, and an increase in costs owing to a rise in raw materials prices. As a result, the company has revised the figures in the operating forecast for the fiscal year ending March 31, 2018 that was announced on April 28, 2017 as: the company expects revenues of JPY 990,000 million, adjusted operating income JPY 68,000 million, income before income taxes of JPY 58,000 million, net income attributable to shareholders of the parent company of JPY 45,000 million, and basic earnings per share of JPY 105.24, compared with previously expected revenues of JPY 950,000 million, adjusted operating income JPY 80,000 million, income before income taxes of JPY 63,000 million, net income attributable to shareholders of the parent company of JPY 45,000 million, and basic earnings per share of JPY 105.24.