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Tokyo, February 03, 2015
Mitsubishi Motors Corporation Announces Third Quarter Fiscal 2014 Operating Results and Revises Full-year Forecasts
Tokyo, February 3, 2015 - Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first nine months of the 2014 fiscal year (FY2014 3Q) ending March 31, 2015 along with full-year forecast revisions.
1. Performance overview
MMC posted consolidated net sales of 1,588.6 billion yen for the first nine months of fiscal 2014 (April 1 through December 31, 2014), a 5% or 69.9 billion yen increase over the same period last fiscal year.
MMC posted an operating income of 100.8 billion yen, an increase of 5% or 4.5 billion yen over the same period last fiscal year. Despite decreased sales volume in Thailand and Japan, and worsened sales volume and model mix in Russia, improvements in cost reduction efforts and favorable foreign exchange rates contributed to the increase.
Along with the increased non-operating income from factors including foreign exchange gains and equity in earnings of affiliates, MMC posted an ordinary income of 120.1 billion yen, an increase of 3% or 3.7 billion yen over the first nine months of FY2014.
Net income for the term came to 98.6 billion yen, an increase of 12% or 10.2 billion yen year-on-year.
All profit items resulted in record high profits for the term.
2. Sales volume (Retail)
Global retail sales volume for the first nine months of fiscal year 2014 totaled 806,000 units, a 4% or 30,000-unit increase over the same period last fiscal year. Sales volumes by region were as follows:
Japan: Sales volume totaled 79,000 units for the term, a 19% or 18,000-unit decrease year-on-year.
North America: In the United States, where overall market demand is strong, sales of the Outlander Sport (RVR or ASX in some markets) core model increased over the same period last year along with increased sales of the Mirage (Space Star in some markets) contributed to an overall regional sales volume of 85,000 units for the term, a 22% or 15,000-unit increase year-on-year.
Europe: Sales volume totaled 171,000 units, a 15% or 22,000-unit increase year-on-year. Although year-on-year sales decreased in Russia, the region's year-on-year sales were boosted by factors including positive sales in western Europe, due mainly to the expansion of countries where the Outlander PHEV is sold, resulting in an overall regional increase for the term.
Asia: Sales volume came to 257,000 units, a 1% or 3,000-unit decrease year-on-year. Recovery in total demand for Thailand remained sluggish, leading to a drop in overall sales volume for the ASEAN region. A large sales increase in China, mainly stemming from GAC Mitsubishi Motors Corporation could not offset the drop in the ASEAN region.
Other Regions: Sales volume totaled 214,000 units, a year-on-year increase of 7% or 14,000 units with sales increases mainly in the Middle East.
3. Revision to fiscal 2014 full-year forecasts
MMC has decided to revise the sales volume and net sales figures in its fiscal 2014 full-year (April 1, 2014 through March 31, 2015) consolidated earnings forecasts. These changes were made based on the 3Q FY2014 operating results and the consideration of other factors, including the current global economic situation and market trends. The revision is outlined below.
  • Sales volume:
1,067,000 units (22,000 units down from October 29, 2014 forecast)
  • Net sales:
2170.0 billion yen (10 billion yen down)
  • Operating income:
135.0 billion yen (no change)
  • Ordinary income:
138.0 billion yen (no change)
  • Net income:
110.0 billion yen (no change)

Note on forward-looking statements
All statements herein, other than historical facts, contain forward-looking statements and are based on Mitsubishi Motors Corporation's current forecasts, expectations, targets, plans, and evaluations. Any forecasted value is calculated or obtained based on certain assumptions. Forward-looking statements involve inherent risks and uncertainties.

A number of significant factors could therefore cause actual results to differ from those contained in any forward-looking statement. Significant risk factors include:

  • Feasibility of each target and initiative as laid out in this news release;
  • Fluctuations in interest rates, exchange rates and oil prices;
  • Changes in laws, regulations and government policies; and
  • Regional and/or global socioeconomic changes.

Potential risks and uncertainties are not limited to the above and Mitsubishi Motors Corporation is not under any obligation to update the information in this news release to reflect any developments or events in the future.

If you are interested in investing in Mitsubishi Motors Corporation, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors Corporation nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors Corporation based on the information shown in this news release.

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