Hitachi Metals, Ltd. announced consolidated earnings results for the nine months ended December 31, 2017. For the nine months period, the company's revenues were JPY 733,113 million against JPY 666,536 million a year ago. Adjusted operating income was JPY 47,821 million against JPY 47,179 million a year ago. Operating income was JPY 42,393 million against JPY 49,571 million a year ago. Income before income taxes was JPY 44,089 million against JPY 47,642 million a year ago. Net income was JPY 34,849 million against JPY 36,123 million a year ago. Net income attributable to shareholders of the parent company was JPY 34,808 million against JPY 36,193 million a year ago. Earnings per share attributable to shareholders of the parent company-basic were JPY 81.41 against JPY 84.65 a year ago. Net cash provided by operating activities was JPY 12,627 million, compared with JPY 43,760 million a year ago. This was mainly attributable to net income of JPY 34,849 million, and depreciation and amortization of JPY 34,479 million despite of increases in trade receivables of JPY 24,022 million, inventories of JPY 32,409 million. Purchase of property, plant and equipment was JPY 58,791 million against JPY 44,173 million a year ago. Purchase of intangible assets was JPY 775 million against JPY 1,801 million a year ago.

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.