Mitsubishi Turns First U.S. Profit In 7 Years

Mitsubishi CG PHEV

Mitsubishi Motors Corp. booked double-digit profit increases in the latest quarter to propel the carmaker to record annual earnings and its first North America profit in seven years.

Global operating profit soared 30 percent to $293.4 million in the January-March fiscal fourth quarter, while net income climbed 20 percent to $163.8 million, President Tetsuro Aikawa said while delivering the carmaker’s earnings report.

Revenue rose 3 percent in the quarter that ended March 31, while global sales rose 4.8 percent to 284,000 units, led by Japan, China and the United States.

In North America, Mitsubishi’s recovery gathered pace in the fourth quarter, with sales surging 19 percent to 32,000 vehicles. The quarterly regional operating loss narrowed to $8.4 million, from an operating loss of $13.4 million a year before.

That loss wasn’t enough to derail Mitsubishi’s profit trajectory. Mitsubishi logged a North American operating profit of $4.18 million for the full fiscal year. The razor-thin result was its first 12-month regional operating profit since the fiscal year ended March 31, 2007.

For the full fiscal year, Mitsubishi’s North American sales rose 21 percent to 117,000 vehicles.

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