Automotive News - February 11, 2008 - (Page 74) 74 • FEBRUARY 11, 2008 Despite sagging N.A. sales, Mitsubishi raises profit forecast Hans Greimel hgreimel@crain.com TOKYO — Mitsubishi Motors Corp. has lifted this year’s profit forecast by 14 percent, but falling sales in North America still are sapping the company’s comeback. Mitsubishi says brisk sales in Asia and Europe will deliver operating profit of 80 billion yen ($678.0 million) in the fiscal year that ends March 31. The new target is up from October’s outlook of $593.2 million. Yet the company trimmed its global sales goal by 25,000 vehicles, to 1,337,000 units for the fiscal year. Lower-than-expected sales in North America account for nearly half the revision. In announcing third-quarter earnings last week, Mitsubishi said North American unit sales are now seen coming in at 168,000 for the year, down 10,000 from its earlier forecast. North American sales slid 7.7 percent to 36,000 in the October-December period. And they are seen tumbling 17 percent in the fiscal fourth quarter, which ends March 31. Despite the downward revisions to its sales outlook, Mitsubishi expects operating profit to improve largely because of a favorable exchange rate between the euro and yen. For the third quarter, Mitsubishi’s operating profit nearly tripled to $281.4 million compared with the same quarter the previous year. Revenue climbed 17.7 percent to $5.37 billion. Europe posted the biggest third-quarter sales gains, thanks to hot demand for Lancers and Outlanders, especially in eastern Europe. Sales climbed 36 percent to 87,000 vehicles. c Mitsubishi’s comeback Mitsubishi posted big global gains for the October-December quarter. FISCAL 3RD QTR. % CHANGE FROM PREVIOUS FISCAL 3RD QTR. Revenue $5.37 billion 17.7 179.0 Operating profit $281.4 million Source: Mitsubishi Motors Corp. Acura Feb. 13 — Manheim Central Florida, Orlando, Fla. Feb. 21 — Manheim Greater Nevada, Las Vegas; Manheim Pennsylvania, Manheim, Pa. 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Manheim Pennsylvania, Manheim, Pa.; Manheim Greater Nevada, Las Vegas; Manheim Riverside, Riverside, Calif. Feb. 22 — Manheim Pennsylvania, Manheim, Pa.; Manheim Greater Nevada, Las Vegas Saab Financial Services Corp. Feb. 13 — Columbus Fair Auto Auction, Obetz, Ohio; Manheim Denver, Aurora, Colo.; Southern Auto Auction, East Windsor, Conn. Feb. 14 — Manheim Riverside, Riverside, Calif. Feb. 19 — Manheim Dallas Fort Worth, Fort Worth, Texas Feb. 20 — Manheim Denver, Aurora, Colo. Feb. 21 — Manheim Pennsylvania, Manheim, Pa. Land Rover North America Feb. 13 — Manheim Palm Beach, West Palm Beach, Fla. Feb. 14 — Manheim Metro Detroit, Flat Rock, Mich. Feb. 19 — Manheim Dallas-Fort Worth, Fort Worth, Texas Feb. 20 — Manheim Nashville, Mount Juliet, Tenn. Feb. 21 — Manheim Pennsylvania, Manheim, Pa.; Manheim Nevada, Las Vegas Ford Motor Co. 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