Mitsubishi Heavy Industries posted quarterly net income that fell short of analysts’ projections due to a drop in defense orders, even as revenue continues to climb for its core businesses.
Shares in the manufacturer fell 2.5% Tuesday after it reported that net income for the June-September period was ¥44.8 billion ($294 million), compared with analysts’ average estimate of ¥67.5 billion. Revenue was ¥1.19 trillion, exceeding a forecast ¥1.17 trillion.
The company’s share price has more than doubled this year, thanks to investors’ high expectations of its energy and defense businesses. With both sectors forming the pillars of its mid-term plan, it aims to boost revenue in those segments by ¥1 trillion before the end of the 2026 fiscal year.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.