Hitachi (HIT) Boosts FY11 Expectations
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Hitachi, Ltd. (NYSE: HIT) revises outlook.
Fiscal 2011 revs move from ¥4.40 trillion to ¥4.55 trillion and net income from ¥10 billion to ¥50 billion.
Consolidated revenues for the first half of fiscal 2011 are projected to exceed the previous forecast announced on July 29, 2011, due mainly to improved revenues in the High Functional Materials & Components, Information & Telecommunication Systems, Social Infrastructure & Industrial Systems, and Automotive Systems segments. This is the result of a cohesive effort by the Hitachi Group to recover quickly from the impact of the Great East Japan Earthquake.
Operating income is also expected to be higher than the previous forecast due to improved earnings in all business segments as a result of increased revenues and progress in cutting costs, including fixed costs. Furthermore, although net other deductions are expected to deteriorate due to the impact of the rapid appreciation of the yen and other factors, income before income taxes, net income and net income attributable to Hitachi, Ltd. are all expected to surpass previous forecasts.
Regarding full-year forecasts for fiscal 2011, Hitachi has not revised its previous forecasts because of considerable uncertainty surrounding trends in the global economy, especially in the U.S., Europe and China, the impact of damage from flooding in Thailand, foreign currency fluctuations, and fluctuations in raw materials prices.
Fiscal 2011 revs move from ¥4.40 trillion to ¥4.55 trillion and net income from ¥10 billion to ¥50 billion.
Consolidated revenues for the first half of fiscal 2011 are projected to exceed the previous forecast announced on July 29, 2011, due mainly to improved revenues in the High Functional Materials & Components, Information & Telecommunication Systems, Social Infrastructure & Industrial Systems, and Automotive Systems segments. This is the result of a cohesive effort by the Hitachi Group to recover quickly from the impact of the Great East Japan Earthquake.
Operating income is also expected to be higher than the previous forecast due to improved earnings in all business segments as a result of increased revenues and progress in cutting costs, including fixed costs. Furthermore, although net other deductions are expected to deteriorate due to the impact of the rapid appreciation of the yen and other factors, income before income taxes, net income and net income attributable to Hitachi, Ltd. are all expected to surpass previous forecasts.
Regarding full-year forecasts for fiscal 2011, Hitachi has not revised its previous forecasts because of considerable uncertainty surrounding trends in the global economy, especially in the U.S., Europe and China, the impact of damage from flooding in Thailand, foreign currency fluctuations, and fluctuations in raw materials prices.
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