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Mitsubishi Motors cuts forecasts after big H1 loss
Reuters / November 11, 2003
TOKYO -- Mitsubishi Motors Corp., hitting another pot-hole as it tries to steer towards recovery, posted a huge interim loss on Tuesday and slashed its forecasts, projecting red ink for the full year.
Financial troubles stemming from loose credit controls at its North American finance unit, which necessitated a large extraordinary provision, have come as a vicious price war in the U.S market escalated, causing sales there to slump.
The yen's recent strengthening will further sap earnings while its two latest vehicles at home have not sold as well as expected -- painful for an auto maker with a limited model line-up.
Japan's fourth-largest auto maker, 37 percent owned by DaimlerChrysler AG, had a consolidated operating loss of 76.35 billion yen ($702 million) for the six months to September 30, far larger than the 15 billion yen loss it forecast in July.
Contrary to earlier expectations, credit losses at its North American finance unit were booked at the operating income level to comply with U.S. accounting rules, the company said. In the same period a year earlier it had a profit of 23.48 billion.
On a net level, it had a loss of 80.22 billion versus a profit of 6.64 billion a year earlier.
This business year was meant to be the final year of Mitsubishi's turnaround, capping three years of restructuring and putting the company on solid ground for further growth.
Chief Executive Rolf Eckrodt acknowledged that Mitsubishi's U.S. finance woes had blindsided the company, but emphasized that it was a one-off event that had been taken care of.
"We have cleaned this up and it will never happen again," he told a news conference. "The turnaround is delayed but on the other hand we are still firmly on the right track."
As expected, it revised down its full-year forecasts, but the revisions were worse than analysts' estimates.
"The results were disastrous. We were shocked," said Koji Endo, a senior analyst at Credit Suisse First Boston Securities.
"We doubt if the company can meet its revised full-year earnings target," he added, noting that to do so, Mitsubishi would have to post a second-half operating profit.
Mitsubishi projected an operating loss of 45 billion yen and a net loss of 11 billion yen for the full year, including some asset sales that the company is currently working on.
In July, it estimated an operating profit of 60 billion yen and a net profit of 10 billion yen.
Unlike rival Nissan Motor Co., which in the last three years has become Japan's most famous restructuring success story, Mitsubishi has failed to translate aggressive cost-cutting into robust profits.
In North America it found a significant proportion of its youthful customer base was not paying off loans and it is overhauling its operations there, switching to more credit-worthy clients and firing the finance unit's top management. Adding to its woes, it faces soaring inventories as sales slump and growing sales incentives amid a brutal price war.
The company also has to change its brand identity to appeal to older car buyers, meaning it will compete more directly with heavyweights like Toyota Motor Corp. and Honda Motor Co.
In Japan, although its retail sales excluding 660cc minivehicles are up by a third this year, analysts say they had been looking for sales to double, boosted by the Colt compact and Grandis minivan.
Mitsubishi cut its global vehicle sales forecast to 1.54 million units for the business year to March 31 from its July projection of 1.61 million. It lowered its forecasts for North America and Japan although Asia and Europe remain bright spots.
The death of Chairman Takashi Sonobe last month, an executive who had risen up through the ranks, has added to its troubles.
Eckrodt came from DaimlerChrysler and has been with Mitsubishi for just three years. Chief Financial Officer Keiichiro Hashimoto only joined the auto maker in June from the Bank of Tokyo-Mitsubishi.
Mitsubishi Motors cuts forecasts after big H1 loss
Reuters / November 11, 2003
TOKYO -- Mitsubishi Motors Corp., hitting another pot-hole as it tries to steer towards recovery, posted a huge interim loss on Tuesday and slashed its forecasts, projecting red ink for the full year.
Financial troubles stemming from loose credit controls at its North American finance unit, which necessitated a large extraordinary provision, have come as a vicious price war in the U.S market escalated, causing sales there to slump.
The yen's recent strengthening will further sap earnings while its two latest vehicles at home have not sold as well as expected -- painful for an auto maker with a limited model line-up.
Japan's fourth-largest auto maker, 37 percent owned by DaimlerChrysler AG, had a consolidated operating loss of 76.35 billion yen ($702 million) for the six months to September 30, far larger than the 15 billion yen loss it forecast in July.
Contrary to earlier expectations, credit losses at its North American finance unit were booked at the operating income level to comply with U.S. accounting rules, the company said. In the same period a year earlier it had a profit of 23.48 billion.
On a net level, it had a loss of 80.22 billion versus a profit of 6.64 billion a year earlier.
This business year was meant to be the final year of Mitsubishi's turnaround, capping three years of restructuring and putting the company on solid ground for further growth.
Chief Executive Rolf Eckrodt acknowledged that Mitsubishi's U.S. finance woes had blindsided the company, but emphasized that it was a one-off event that had been taken care of.
"We have cleaned this up and it will never happen again," he told a news conference. "The turnaround is delayed but on the other hand we are still firmly on the right track."
As expected, it revised down its full-year forecasts, but the revisions were worse than analysts' estimates.
"The results were disastrous. We were shocked," said Koji Endo, a senior analyst at Credit Suisse First Boston Securities.
"We doubt if the company can meet its revised full-year earnings target," he added, noting that to do so, Mitsubishi would have to post a second-half operating profit.
Mitsubishi projected an operating loss of 45 billion yen and a net loss of 11 billion yen for the full year, including some asset sales that the company is currently working on.
In July, it estimated an operating profit of 60 billion yen and a net profit of 10 billion yen.
Unlike rival Nissan Motor Co., which in the last three years has become Japan's most famous restructuring success story, Mitsubishi has failed to translate aggressive cost-cutting into robust profits.
In North America it found a significant proportion of its youthful customer base was not paying off loans and it is overhauling its operations there, switching to more credit-worthy clients and firing the finance unit's top management. Adding to its woes, it faces soaring inventories as sales slump and growing sales incentives amid a brutal price war.
The company also has to change its brand identity to appeal to older car buyers, meaning it will compete more directly with heavyweights like Toyota Motor Corp. and Honda Motor Co.
In Japan, although its retail sales excluding 660cc minivehicles are up by a third this year, analysts say they had been looking for sales to double, boosted by the Colt compact and Grandis minivan.
Mitsubishi cut its global vehicle sales forecast to 1.54 million units for the business year to March 31 from its July projection of 1.61 million. It lowered its forecasts for North America and Japan although Asia and Europe remain bright spots.
The death of Chairman Takashi Sonobe last month, an executive who had risen up through the ranks, has added to its troubles.
Eckrodt came from DaimlerChrysler and has been with Mitsubishi for just three years. Chief Financial Officer Keiichiro Hashimoto only joined the auto maker in June from the Bank of Tokyo-Mitsubishi.
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Vanhimmat
Mitsubishi on valtava monialayritys ja se pystyy tukemaan yhtä toimialaa jos jollain toimialalla on vaikeuksia. Mitsubishin autoteollisuus ei kaadu.
joka vuosihan Japanissa isot firmat sanovat tuollaista, mutta pankit vaan jatkavat roskalainoja. Koskahan se suuri talouslama iskee.. kaikki odottavat nousua, mutta maailmassa ei voi olla nousua kovin pitkään. Automerkkejäkin on liikaa. Japsit voisivat tehdä yhtä merkkiä ja sakut yhtä, jenkit yhtä ja jne.. siltikin jo olis tavalliselle kuluttajalle tosi monta vaihtoehtoa.
Markkinamiehet ovat saaneet meidät tuntemaan jonkun merkin paremmaksi muista ja keksivät yhä uusia keinoja asiakkaiden saamiseksi vakuuttuneeksi tähän valtavasta ylitarjonnasta ja liukuhihnateollisuuden kannattamisesta, ostamaan juuri se tietty auto vaikka ne pääosin ovatkin melkein ihan samanlaisia kaikki!!!
Laatu heittelee mutta niin on kaikessa.
Jos sanotte että kilpailun vuoksi on merkkejä niin silloin narutatte itseänne. Pörssin takia ne tuntuvat olevan kaikki kohta.
Turhaa tuhlausta ja kauheeta varaosaorganisaation ylläpitämistä maailmanlaajuisesti tämmönen autokausi ihmishistoriassa. Vaikka minulla mitsu onkin, en huolestuisi jos se konkkaan menisi. Menkööt - ei varmaan jää ainoaksi. Mitsubishi todellakin on monialayritys - löysin työpaikaltani monta Mitsubishiohjainrelettä ja yms. sähköosaa automatiikkakaappeja siivotessani..
JA onhan mitsulla myös iso tuki/partneri, josta ei paljonpuhuta. Eli: mersedes vai mikä se nyt nykyään on.
sepäs nähdään, itse en kyllä moiseen usko mutta näin helposti media näköjään vaikuttaa suomalaiseen että pöpöpuheita piti mennä pastettamaan tänne...
Häpeä ja kerro meille sit kun ON konkas... =o)