CYPRESS, Calif. – Mitsubishi Motors Corporation (MMC) today announced nine-month financial results for the period to December 31, 2017, and issued a new forecast for its full-year fiscal results ending March 31, 2018.
1. FY2017 Nine-Month Financial Results Highlights
For the nine-month period to December 31, Mitsubishi Motors reported revenues up 13% year-on-year to 1.52 trillion yen. Operating profits rose sharply to 64.6 billion yen, representing an operating margin of 4.3%, compared with an operating loss of 23.2 billion yen in the same period of fiscal 2016. The company generated net income of 70.1 billion yen for the latest nine-month period, reversing a net loss of 213.3 billion yen in the prior-year nine-month period.
2. Global sales performance
Global sales volume for the nine months ended December 31, 2017 and increased 15% year-on-year to 777,000 units, reflecting strong demand in Japan, China and the ASEAN region.
Sales in Japan increased 24% year-on-year to 62,000 units. The growth was driven by the resumption of Kei-cars sales, with encouraging demand for models including the “eK Wagon” and “eK Space”, as well as for the Delica D:5 and other “Active Gear” series.
In China, sales rose 63% year-on-year to 103,000 units due to demand for the localized Outlander.
ASEAN sales increased by 25% to 187,000 units due to the strong performance of the new XPANDER MPV, which was launched in October in Indonesia.
Sales of the new Eclipse Cross compact SUV have started smoothly in Europe, which will be followed by other important markets including Oceania, North America and Japan. Demand for the Eclipse Cross is expected to contribute to future sales growth in the full-year and in fiscal 2018.
3. Revision of the full fiscal year 2017 forecast and the dividend forecast
Given the strong sales performance and the progress of cost reduction during the nine months through the third quarter, Mitsubishi Motors has revised the full year forecast for FY2017 and the fiscal year-end dividend forecast, as shown below.
Full year forecast for FY2017:
Osamu Masuko, Chief Executive Officer of Mitsubishi Motors, said: “Given our recovery trend and strong performance in the first nine months of the year, we have today revised our full-year forecast upwards. Demand for new models and increased operational efficiency gives us confidence that we will accomplish this goal for this fiscal year. We will also continue to make necessary investments to build a foundation for our future growth. Based on this outlook, we have revised the year-end dividend forecast from the previous forecast of 7 yen per share to 10 yen.”
MITSUBISHI MOTORS REPORTS JANUARY 2018 SALES UP OVER 30 PERCENT
(MMNA) reported January 2018 sales of 8,480 units sold, up 31.3 percent over January 2017. Coming off a strong sales year in 2017 where Mitsubishi Motors was the fastest growing non-luxury brand in the U.S., it posted its best January sales since 2007.
Mitsubishi’s sales surge in January was led by its family of CUVs, which posted sales gains of 82.1 percent. Outlander sales were up a significant 78.9 percent with 3,020 units sold. Outlander Sport recorded sales of 3,379, up 69.8 percent over last January. The environmentally friendly all-new 2018 Outlander PHEV, a halo to the brand, began shipping in December and is making its way to dealerships across the country.
“The brand had a tremendous year in 2017 and led the industry (non-luxury brands) in growth, but our goals are set much higher, and we are not resting on our recent success. As January shows, we are poised for a very strong 2018 and have the right products to achieve our targets,” said Don Swearingen, executive vice president and chief operating officer, MMNA. “The Mitsubishi CUV family of Outlander Sport, Outlander and Outlander PHEV offer consumers in every walk of life a vehicle to meet their needs.”