Mitsubishi Heavy raises order target and announces first buyback

Mitsubishi Heavy Industries has boosted its full-year order target by ¥600.0 billion to ¥3.0 trillion, marking a 13% increase compared to the previous year, according to a statement released Friday. This upward revision comes following a surge in demand during the second quarter. The company secured nine substantial new gas turbine combined cycle orders, amounting to a capacity of 4 gigawatts, with seven of these orders coming from clients in the Americas.

In addition to the order target expansion, Mitsubishi Heavy Industries has also raised its nuclear order target to ¥600.0 billion, reflecting an 11% increase from earlier projections. The firm announced its inaugural share buyback program, which will see the repurchase of up to 120 million shares, representing 3.6% of its outstanding stock. The company has raised its forecast for free cash flow to ¥800.0 billion, demonstrating confidence in its financial outlook.

Furthermore, Mitsubishi Heavy Industries has projected an increase in its return on equity target to 14%, up from the previously set 12% goal. The company has also provisioned an additional ¥67.5 billion to cover anticipated warranty expenses for two domestic integrated gasification combined cycle projects. This report was produced with the assistance of artificial intelligence and subsequently reviewed by a human editor. For further details, readers are directed to the Terms and Conditions outlined in the article.