Mitsubishi Heavy Industries, The Current Fiscal Year Net Income Revised Upward by 4%, Raises Record High Profit Forecast

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Tue Feb 4, 2025 1:30 pm JST Earnings

7011 Mitsubishi Heavy Industries,Ltd. 【IFRS】

Earnings Report

Mitsubishi Heavy Industries,Ltd. <7011> [TSE Prime] announced its financial results (based on IFRS) in the afternoon session on February 4th (13:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 24.7% from the same period last year, reaching 172 billion yen.

In addition, the full-year consolidated net income has been revised upward 4.3%, from the previous forecast of 230 billion yen to 240 billion yen (compared to 222 billion yen in the previous period), increasing the growth rate from 3.6% to 8.1%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (2H) is expected to increase 8.1%, from the previous forecast of 122 billion yen to 132 billion yen (compared to 130 billion yen in the same period of the previous year), turning to a 2.2% increase in the consolidated net income outlook.

In the most recent three-month period, from October to December (3Q), the consolidated net income increased 41.0% from the same period last year, reaching 64.9 billion yen.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	2,938,046	ー	113,662	66,441	19.8	59.5	Feb 7, 2023	IFRS
Apr - Dec, 2023	3,260,667	ー	207,599	138,050	41.1	65.9	Feb 6, 2024	IFRS
Apr - Dec, 2024	3,547,758	ー	274,889	172,110	51.2	74.3	Feb 4, 2025	IFRS
YoY	+8.8%	－	+32.4%	+24.7%	+24.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	2,601,887	ー	161,721	122,880	36.6	11	Nov 5, 2024	IFRS
Oct - Mar, 2024 New	2,701,887	ー	201,721	132,880	39.6	11	Feb 4, 2025	IFRS
Revision Rate	+3.8%	－	+24.7%	+8.1%	+8.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,900,000	ー	330,000	230,000	68.5	22	May 8, 2024	IFRS
Mar, 2025 New	5,000,000	ー	370,000	240,000	71.5	22	Feb 4, 2025	IFRS
Revision Rate	+2.0%	－	+12.1%	+4.3%	+4.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	2,587,875	ー	181,473	130,079	38.7	12	May 8, 2024	IFRS
Oct - Mar, 2024 Guidance	2,701,887	ー	201,721	132,880	39.6	11	Feb 4, 2025	IFRS
YoY	+4.4%	－	+11.2%	+2.2%	+2.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	4,202,797	ー	191,126	130,451	38.8	13	May 10, 2023	IFRS
Mar, 2024	4,657,147	ー	315,187	222,023	66.1	20	May 8, 2024	IFRS
Mar, 2025 Guidance	5,000,000	ー	370,000	240,000	71.5	22	Feb 4, 2025	IFRS
YoY	+7.4%	－	+17.4%	+8.1%	+8.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	1,191,395	ー	73,885	46,106	13.7	0.0	Feb 6, 2024	IFRS
Jan - Mar, 2024	1,396,480	ー	107,588	83,973	25.0	0.0	May 8, 2024	IFRS
Apr - Jun, 2024	1,111,555	ー	101,306	62,286	18.5	0.0	Aug 6, 2024	IFRS
Jul - Sep, 2024	1,186,558	ー	66,973	44,834	13.3	0.0	Nov 5, 2024	IFRS
Oct - Dec, 2024	1,249,645	ー	106,610	64,990	19.3	0.0	Feb 4, 2025	IFRS
YoY	+4.9%	－	+44.3%	+41.0%	+41.0%