The following is a summary of the Mitsubishi Heavy Industries, Ltd (MHVYF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mitsubishi Heavy Industries reported record high first quarter results across order intake, revenue, and profit, compared to the previous years.

• Business profit increased significantly by 61%, influenced by improved product mixes, profitability, and the weak yen.

• Total assets rose by JPY 401.7 billion, mainly due to currency translation effects and growth in revenue, with cash and cash equivalents and inventories showing normal increases for the period.

• Free cash flow improved by JPY 14.1 billion year-over-year, primarily due to higher profit results.

Business Progress:

• Adjustments to reporting segments were introduced following the establishment of Green Transformation Solutions.

• Strong performance in the Energy Systems segment, particularly in GTCC, with continuing service revenue in Steam Power despite reduced new coal-fired installations.

• Plants & Infrastructure Systems segment saw increases across orders, revenue, and business profit, bolstered by a significant waste-to-energy system contract for Yokohama City.

• Challenges in the Logistics, Thermal & Drive Systems segment included supplier issues affecting Turbochargers and a revenue drop in European HVAC systems.

• Consistent progress and increased business profit in the Aircraft, Defense & Space segment, particularly due to the high level of defense orders and beneficial currency impact.

Risks:

• Production disruptions in Turbochargers due to supplier issues could impact overall profitability in the Logistics, Thermal & Drive Systems segment.

More details: MITSUBISHI HEAVY INDUSTRIES IR

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