Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Hitachi, Ltd.
  6. News
  7. Summary
    6501   JP3788600009

HITACHI, LTD.

(6501)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

UPDATE2: Hitachi logs record net profit in FY2020 on IT-related sales

04/28/2021 | 06:38am EDT

Hitachi Ltd. said Wednesday its group net profit in the year that ended in March jumped nearly six-fold from a year earlier to a record 501.61 billion yen ($4.6 billion) due to robust demand for IT-related services and cost-cutting efforts.

The outcome, also boosted by a special profit of 278.8 billion yen from the sale of its chemical unit to Showa Denko K.K. in the April-June quarter, beat its earnings projection released in February for a net profit of 370 billion yen.

The Japanese industrial conglomerate said on the same day that it will sell a more than 50 percent stake in its metals unit for 382 billion yen to a consortium of investment funds led by U.S. private equity fund Bain Capital.

The Japanese-American consortium plans to acquire all shares, including those held by general shareholders, for 816.6 billion yen through a tender offer, which is expected to be completed by the end of fiscal 2021.

Hitachi Metals Ltd., currently listed on the Tokyo Stock Exchange, posted a net loss of 42.21 billion yen in the year through March, a second straight year of record red-ink.

It has also announced cutting about 3,200 jobs, mainly in Japan, following a scandal involving falsified test results to check the quality of special steel and magnet materials and weak demand amid the virus pandemic.

Hitachi has rapidly overhauled its group businesses to concentrate on the information technology sector while shedding non-core operations.

In fiscal 2020, Hitachi posted a group operating profit of 495.18 billion yen, down 25.2 percent, on sales of 8.73 trillion yen, down 0.4 percent amid the coronavirus pandemic.

Despite a challenging business environment, the IT segment drove the overall performance, with its operating profit margin rising to a record 13.2 percent, Hitachi said.

The company added that it also achieved a cost reduction of over 120 billion yen from the previous fiscal year.

Hitachi projects that its net profit will rise 9.6 percent to 550 billion yen in the year ending March 2022. Sales are projected to gain 8.8 percent to 9.5 trillion yen, while an operating profit of 740 billion yen is expected, up 49.4 percent.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HITACHI METALS, LTD. 0.00% 2123 End-of-day quote.35.57%
HITACHI, LTD. -0.48% 6158 End-of-day quote.51.49%
All news about HITACHI, LTD.
06/22HITACHI METALSá : Chinese Court Enforces Mandatory Licensing For "Essential Faci..
AQ
06/18HITACHIá : to Donate to COVID-19 Relief Efforts in India and Other Countries
AQ
06/17HITACHIá : High-Tech Launches the Easy-to-Use AFM100 and AFM100 plus Atomic Forc..
AQ
06/16Japan's Nikkei ends lower on chip declines, Topix ticks up on Toyota
RE
06/10HITACHIá : Overview of Strategic Direction
PU
06/07HITACHIá : IT Sector (PDF format, 3,626kBytes)
PU
06/07HITACHIá : Industry Sector (PDF format, 6,317kBytes)
PU
06/07HITACHIá : Mobility Sector (PDF format, 2,505kBytes)
PU
06/07HITACHIá : Supplementary Information (PDF format, 104kBytes)
PU
06/07HITACHIá : Automotive Systems Business (PDF format, 947kBytes)
PU
More news
Financials
Sales 2022 9 531 B 85 968 M 85 968 M
Net income 2022 523 B 4 717 M 4 717 M
Net Debt 2022 1 678 B 15 138 M 15 138 M
P/E ratio 2022 11,3x
Yield 2022 1,91%
Capitalization 5 956 B 53 725 M 53 722 M
EV / Sales 2022 0,80x
EV / Sales 2023 0,73x
Nbr of Employees 350 864
Free-Float 95,7%
Chart HITACHI, LTD.
Duration : Period :
Hitachi, Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends HITACHI, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Last Close Price 6 158,00 JPY
Average target price 6 749,64 JPY
Spread / Average Target 9,61%
EPS Revisions
Managers and Directors
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Yoshihiko Kawamura Chief Financial Officer
Norihiro Suzuki Chief Technology Officer, Manager-R&D Group
Seiichiro Nukui Chief Information Officer
George William Buckley Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
HITACHI, LTD.51.49%53 992
BERKSHIRE HATHAWAY INC.20.43%628 414
HONEYWELL INTERNATIONAL INC.0.92%149 093
SIEMENS AG16.46%130 627
GENERAL ELECTRIC COMPANY19.91%113 683
3M COMPANY10.05%111 506