Hitachi Ltd. (6501), Japan’s second- largest manufacturer, raised its full-year profit forecast by 40 percent after proceeds from selling its hard-disk drive unit exceeded the company’s estimate.
The company expects record net income of 280 billion yen ($3.3 billion) for the year ending March 31, compared with its previous estimate of 200 billion yen, Tokyo-based Hitachi said in a statement today. The new goal is 17 percent higher than the 238.9 billion yen profit it posted a year earlier.
The maker of nuclear reactors, train cars and air- conditioners will post a 191 billion yen gain from the sale of its hard-disk drive unit to Western Digital Corp. (WDC), 81 billion yen more than estimated, the company said March 9.
Sales and operating profit estimates remain the same.
Hitachi fell 0.4 percent to 489 yen on the Tokyo Stock Exchange today, snapping a six-day winning streak. The shares have risen 21 percent this year, compared with a 20 percent increase in the benchmark Nikkei 225 Stock Average.
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