Hitachi Reports Significant Q1 Profit Growth Despite Revenue Dip; Affirms FY24 Forecast

2 min read | August 01, 2024 05:00 PM AEST | By Team Kalkine Media

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Hitachi Reports Significant Q1 Profit Growth Despite Revenue Dip; Affirms FY24 Forecast — Image source: shutterstock.com

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Hitachi, Ltd. (OTC:HTHIF), a major Japanese conglomerate, announced a notable increase in its first-quarter net income for the current fiscal year. The company's net income attributable to stockholders surged to 175.33 billion Japanese yen, a dramatic rise from last year's 70.02 billion yen. This impressive gain highlights a significant improvement in profitability over the past year.

EBIT and EPS Growth:

Earnings per share (EPS) also saw a substantial increase, climbing to 37.83 yen compared to 14.94 yen during the same period last year. The company’s EBIT, a crucial measure of earnings before interest and taxes, experienced a robust surge to 258.19 billion yen from 121.90 billion yen a year ago. These figures underscore a strong operational performance and efficiency.

Revenue Decline and Future Outlook:

Despite the positive profit results, Hitachi's revenues experienced a 5 percent decline, falling to 2.21 trillion yen from 2.32 trillion yen the previous year. Looking ahead, for the fiscal year ending March 31, 2025, Hitachi aims to meet nearly all the key performance indicators outlined in its Mid-term Management Plan 2024. The company forecasts a decrease in revenue by 7 percent to 9 trillion yen but anticipates maintaining an attributable net profit of 600 billion yen or 129 yen per share. The expected EPS, excluding the effect of the share split, is projected at 648 yen, showing an improvement compared to last year. Shares of Hitachi closed at 3,288 yen on Wednesday, reflecting a 1.5 percent increase, which has positively influenced the performance of industrial stocks.

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