Mitsubishi Heavy Industries, Ltd. (MHI, TSE Code: 7011) announced that order intake rose 51.6% year-over-year to ¥4,496.6 billion in the three quarters ended December 31, 2023. Revenue rose 11.0% to ¥3,260.6 billion year-over-year, resulting in profit from business activities (business profit) of ¥191.6 billion, an 82.0% increase over the previous fiscal year, which represents a profit margin of 5.9%. Profit attributable to owners of parent (net income) was ¥138.0 billion, an increase of 107.8% year-over-year, with a profit margin of 4.2%. EBITDA was ¥296.4 billion, a 42.1% increase over Q1-3 FY2022, with an EBITDA margin of 9.1%, up 2.0 percentage points year-over-year.
In Energy Systems, strong demand in Gas Turbine Combined Cycle (GTCC) as well as Nuclear Power served to increase order intake. GTCC booked ten large frame gas turbine units in Q1-3. Margin improvements in GTCC and Steam Power together with a YoY reduction in one-time items offset expenses in Aero Engines related to the PW1100G-JM Engine Program. All of these factors helped to boost segment business profit by ¥38.7 billion YoY.P&I saw revenue grow by ¥95.2 billion YoY as Metals Machinery continued to work through its extensive backlog. This topline growth combined with enhanced profitability in Engineering and Machinery Systems led to a ¥20.1 billion YoY increase in segment business profit.In LT&D, strong trends in Logistics Systems, Heating, Ventilation & Air Conditioning (HVAC), and Engines continued, resulting in an ¥86.4 billion increase in revenue. Higher units sold, successful price optimization, and the weak yen caused segment business profit to rise by ¥36.6 billion YoY.In ADS, the booking of stand-off defense and other large projects from the Japan Ministry of Defense drove order intake to an all-time high of ¥1,204.1 billion. Segment revenue and business profit increased ¥94.9 billion and ¥18.0 billion YoY, respectively, due to increased business in both Defense & Space and Commercial Aviation, as well as foreign exchange effects.
FY2023 Earnings Forecast:MHI revised its guidance for the period ending March 31, 2024, increasing targets for order intake by ¥400 billion and revenue by ¥100 billion over the previous announcement made November 6, 2023. This was in response to strength in all segments. Totals for all other financial indicators remained unchanged, while individual business profit targets for ADS and C&E were updated.
Stock Split:MHI announced a 10-for-1 stock split effective April 1, 2024. This action aims to lower the bar for investors to purchase the company’s shares and thereby to expand the company’s shareholder base.
CFO Message:“Performance during the first three quarters of FY2023 was strong, with large year-over-year growth in order intake, revenue, and profit,” Hisato Kozawa, MHI Chief Financial Officer commented. Kozawa continued, “Our top achievers during this period were GTCC, Logistics Systems, and Defense & Space.Despite downward pressure on profitability from one-time charges associated with the PW1100G-JM Engine Program combined with labor and energy cost inflation in Japan, revenue expansion, price optimization, favorable project margins, and the weak yen served to increase business profit by a remarkable 82% year-over-year. Regarding our operating environment, economic activity has been better than previous forecasts in North America, and there are signs that the excessive inflation seen in the U.S. and Europe is beginning to subside.
“Based on our high level of performance through December 2023, we have increased our full-year guidance for order intake and revenue,” Kozawa went on. “We have left unchanged our targets for profit-related indicators, which underlines our commitment to achieve 300 billion yen in business profit and 440 billion yen in EBITDA.
“In closing, allow me to mention our upcoming 10-for-1 stock split planned for April 1 of this year. This action is informed by the recent increase in our stock price, which as of today is trending around 10,000 yen per share. As one unit of 100 shares currently trades for around 1 million yen, it can be difficult for some individual investors to acquire our stock. We hope that bringing the price of one unit down to around 100,000 yen will encourage individual investors to include MHI in their portfolios.”
Note regarding forward looking statements:Forecasts regarding future performance outlined in these materials are based on judgments made in accordance with information available at the time they were prepared. As such, these projections include risk and uncertainty. Investors are recommended not to depend solely on these projections when making investment decisions. Actual results may vary significantly from these projections due to a number of factors, including, but not limited to, economic trends affecting the Company’s operating environment, fluctuations in the value of the Japanese yen to the U.S. dollar and other foreign currencies, and trends in Japan’s stock markets. The results projected here should not be construed in any way as a guarantee by the Company.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
For more information, visit https://www.mhi.com/news/24020602.html.
The new format store will be the third IKEA location in Dallas-Fort Worth.
Conshohocken, PA – WEBWIRE – Wednesday, November 15, 2023
IKEA U.S. is excited to announce that the Southlake Plan and order point with pick-up will open to the public on November 29. Opening this new format store allows IKEA to be more convenient and accessible to DFW customers, as IKEA U.S. continues to grow and change to better meet the needs of todays consumers. At the new location, customers can get support from IKEA experts to plan and order home furnishing solutions such as kitchens, bedrooms and bathrooms, as well as pick up online purchases.
We are thrilled to bring the best of IKEA to our neighbors in Southlake. Weve seen that customers are still eager for in-person experiences, and we hope that providing a new and convenient way to shop will help meet the needs of our customers in DFW and beyond, said Javier Quiones, CEO & Chief Sustainability Officer, IKEA U.S.
Customers can book an appointment and sit down with an IKEA expert while they design, quote and order IKEA products. While customers are unable to take products home directly, IKEA co-workers will arrange for delivery or schedule orders to be picked up from the convenient Pick-up location next door. With the addition of an IKEA Pick-up point, customers will also be able to collect their online purchases when and where it is convenient for them, supporting both online purchases and those made at the Plan & order point.
Were ready to say hej to our new neighbors and support them by providing sustainable and affordable furnishings, said Ben Sandoval, Market Manager for Frisco, IKEA U.S. Our expansion in DFW is just one of the many exciting ways IKEA is growing with the aim of making the customer experience more inspiring, more convenient and even more affordable.
The IKEA Southlake Plan and order point with pick-up will be located in The Park Village shopping center at 1041 E. Southlake Blvd, Suite 100 , Southlake TX 76092, in 10,809 square feet of leased space. It joins two large-format IKEA stores in the DFW market in Frisco, TX and Grand Prairie, TX.
At IKEA, the vision is to create a better everyday life for the many people by offering well-designed, functional and affordable, high-quality home furnishing, produced with care for people and the environment. Ingka Group (Ingka Holding B.V. and its controlled entities) is one of 12 different groups of companies that own and operate IKEA retail under franchise agreements with Inter IKEA Systems B.V. Ingka Group has three business areas: IKEA Retail, Ingka Investments and Ingka Centres. Ingka Group is a strategic partner in the IKEA franchise system, operating 375 IKEA stores in 30 countries including 51 retail locations in the U.S.
For more information on IKEA U.S., see IKEA-USA.com, @IKEAUSANews, @IKEAUSA or IKEAUSA on Facebook, YouTube, Instagram and Pinterest.
Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for the replacement of two existing Automated People Mover (APM)* lines at Orlando International Airport (MCO) in Orlando, Florida.
Orlando International Airport APM
The contract, which also includes APM Operations and Maintenance (O&M) services, was awarded by the Greater Orlando Aviation Authority (GOAA) to Mitsubishi Heavy Industries America, Inc. (MHIA), MHI’s US entity, and Crystal Mover Services, Inc. (CMSI), an MHI Group company, which is responsible for APM O&M services at U.S. airports.
MCO consists of two main terminal buildings and five airside terminals. The newly awarded contract includes the replacement of the A2 and B4 APM routes, approximately 0.6 kilometers long each, connecting Terminals A and B with Airside Terminals 2 and 4. MHI will be in charge of the system design and vehicle manufacture. Twelve new cars (as four 3-car trains) will be manufactured at MHI’s Mihara Machinery Works in Hiroshima Prefecture. After the new APM System is installed, CMSI will provide O&M services for up to 30 years (initial 10 years with two 10-year renewal options).
MHI CEO of Engineering Solutions QUOTE:
“We are proud to be continuing our nearly 10-year partnership with GOAA to provide safe and reliable transportation solutions for the travelling public. We remain committed to the local Orlando community, as we further expand our collaboration with highly qualified local firms,” said Kenji Terasawa, CEO of Engineering Solutions of MHI. “MHI is dedicated to continuing our record of success in the United States, especially here in the state of Florida where we already have six APMs in successful service operation.”
GOAA CEO QUOTE:
“Providing more than 55 million passengers with reliable access between our terminals and gates is a key operational priority,” said GOAA CEO Kevin J. Thibault. “We are looking forward to having this scope of work completed to greatly enhance the passenger experience, and we appreciate Mitsubishi’s partnership to meet this priority.”
As part of the contract previously awarded in 2014, MHI provided a new approximately 2.3 kilometers long APM System connecting MCO’s Main Terminal with the new South Terminal. That contract also included the replacement of the existing A1 and B3 lines connecting the Main Terminal with Airside Terminals 1 and 3. After completion in 2018, CMSI commenced O&M services.
Going forward, MHI Group will continue to work closely with its worldwide offices to provide services of high added value responding to customer needs, and supply new solutions such as the remote monitoring technology of “ΣSynX Supervision,” MHI’s digital innovation brand. In addition, through the provision of APM Systems – a clean transport mode that emits no CO2 -, MHI Group aims to respond to regional aspirations around the globe with solutions that will contribute to economic development and enhanced transportation convenience, while simultaneously helping to realize a low-carbon society.
*APMs are used worldwide to connect air terminals or function as transportation systems.in urban environments.
About Crystal Mover Services, Inc. (CMSI)
CMSI is a joint venture company formed by MHIA and Sumitomo Corporation. Since operations were inaugurated in January 2009, the company has provided O&M services for all APMs delivered by MHI Group to international airports in the United States (Miami, Washington Dulles, Atlanta, Orlando and Tampa), contributing to their stable and safe operation.
About Mitsubishi Heavy Industries (MHI) Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for the front-end engineering and design (FEED) of a hydrogen fluoride production plant, including utility facilities in Hibikinada Oceanfront Industrial Park in Kitakyushu City, Fukuoka Prefecture. The order is from Mexichem Fluor Japan Ltd., the Japanese entity of Mexichem Fluor, S.A.de C.V. (Koura), a global corporation involved in raw fluorinated materials and the production of fluorine compounds.
hydrogen fluoride supply chain
This is a joint project between Mexichem Fluor Japan and Sojitz Corporation, a general trading company. Hydrogen fluoride will be produced from sources Mexican fluorspar from Koura, an Orbia business with the aim of building a framework for a reliable supply of fluorine compounds in Japan. The project was selected by the Ministry of Economy, Trade and Industry’s “Program for Promoting Investment in Japan to Strengthen Supply Chains” (Round 3).
Fluorine compounds made from hydrogen fluoride are an essential component in semiconductor production and lithium ion batteries. They are also used for industrial purposes, including medicine and digital communication which are growing industries. As a result, demand is expected to grow both domestically and overseas in future. Currently, Japanese industries are dependent on imports for fluorine raw materials, and this project is expected to help strengthen Japan’s domestic supply chain and enable the reliable growth of domestic industries for fluorinated products.
MHI received this order in recognition of its long track record in the production of chemical plants and because its proposal reflected a wealth of knowledge and know-how in high-performance chemical products. MHI Group will continue to build a presence in the chemical production plant market both, domestically and overseas, as well as working on initiatives and supplying products that meet the needs of the current era and society to contribute to the development of global industries and the building of a sustainable society.
About Mexichem Fluor, S.A.de C.V. (Koura)
Orbia’s Fluorinated Solutions business Koura is a global leader in the development, manufacture and supply of fluoroproducts that play a fundamental role in enhancing everyday lives and shortening the path to a sustainable, circular economy. Backed by over 35 years of experience, Koura’s products are used in a vast range of applications including electric vehicles and energy storage, urban and rural infrastructure, indoor climate management, food and medicine refrigeration and even in treating respiratory conditions through the development of healthy and innovative low-GWP propellants for metered-dose inhalers. Koura has 1,600 employees and 13 manufacturing facilities worldwide, serving 60 countries through a global sales and distribution network.
About Mexichem Fluor Japan Ltd.
Mexichem Fluor Japan is Koura’s Japanese entity, producing and selling fluorinated refrigerants in Japan and other Asia-Pacific nations. For details, see https://ssl.mexichemfluor.co.jp/.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Celebrate National Drive-Thru Day today, July 24, in style! Dunkin Rewards members, you can tap into the fast lane today withtheapps Order-Ahead feature, snag your delicious drive-thru pickup, and get yourself 100 Bonus Points!*
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Download the Dunkin app from the App Store or Google Play.
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Choose your location to find the Dunkin nearest you, then select a pickup method.
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*Offer valid on 7/24/23. Limit 100 bonus points per Rewards member. Bonus points can only be earned on eligible mobile order purchases made during the promo period by Rewards members who order ahead via the Dunkin App for pickup in the drive-thru. Valid at participating Dunkin restaurants. No substitutions allowed. No cash refunds. Cannot be combined with any other offer, promotion or coupon. For full rewards program terms, please visitDunkinDonuts.com/terms.
