Electronics giant Hitachi Ltd. (HIT) on Thursday reported a net loss for the second quarter, compared to net income last year, hurt by a 19% decline in revenues. Hitachi's second-quarter net loss attributable to the company widened from last year. Looking ahead, the company reaffirmed its full year forecast issued recently.
The company's second-quarter net loss was 48.107 billion yen, compared to net income of 9.899 billion yen a year earlier. Second-quarter net loss attributable to Hitachi was 50.556 billion yen, compared to net loss attributable to Hitachi of 17.37 billion yen last year. In U.S. dollars, second-quarter net loss attributable to Hitachi was $562 million.
On a per share basis, the loss was 15.21 yen or $0.17 per share, compared to 5.29 yen per share last year. Net loss attributable to Hitachi Ltd per ADS widened to 152 yen from 53 yen in the same quarter last year.
Revenues declined to 2.232 trillion yen from 2.767 trillion yen. Revenue in U.S. Dollars was $24.801 billion.
In Information&Telecommunication Systems, quarterly revenues slipped 18% to 565 billion yen and revenues at Electronic Devices slumped 35% to 230.4 billion yen. Power & Industrial Systems reported second-quarter revenues of 778.4 billion yen, down 11% from last year.
Digital Media&Consumer Products revenues for the quarter declined 23% to 278 billion yen. In High Functional Materials & Components, revenue dropped 34% to 306.2 billion yen. Logistics, Services and other reported quarterly revenues of 241.8 billion yen, down 14% from last year, while at Financial Services segment, revenue for the quarter increased 46% to 142.8 billion yen.
All the markets witnessed double-digit revenue declines, with revenue dropping 18% in Japan and 21% outside Japan.
For the first half of the year, net loss attributable to Hitachi was 133.221 billion yen, compared to net income attributable to Hitachi of 14.187 billion yen reported last year. On a per share basis, the loss was 40.08 yen or $0.45, compared to net income per share of 3.98 yen last year. Revenues declined 22% to 4.125 trillion yen. Revenue in U.S. Dollars was $45.833 billion.
Looking ahead to the fiscal year ending March 31, 2010, the company reaffirmed the forecasts issued recently. Hitachi sees a net loss attributable to the company of 230 billion yen or US$2.473 billion, while the previous projection was for a net loss attributable to the company of 270 billion yen. The company attributed the earnings revision to stronger earnings power in the Social Innovation Business, the benefits of business structure reforms and improved earnings in HDD operations, among other factors.
Revenues are estimated to be 8.700 trillion, or $93.548 billion. The previous forecast was for revenues of 8.900 trillion. The lowering of forecast is due to concerns about a delayed recovery in private-sector capital expenditures, Hitachi noted.
HIT closed Wednesday's regular trade at $31.81, down from the previous close of $32.97, on 49,600 shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.