Japan Trading Firms See Earnings Dragged by Commodity Price Drop

Bloomberg11-06

(Bloomberg) -- Five major Japanese trading firms backed by Warren Buffett saw their profits dented by lower commodity prices this year. Among the five, Mitsui & Co. was the only one to boost its net ...

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Mitsubishi Corp., Marubeni Corp. and Sumitomo Corp.’s net income missed the average analyst estimates for the second quarter ended September, according to data compiled by Bloomberg. Itochu Corp., which announced results on Wednesday, also missed analyst estimates for operating income. The four firms retained their fiscal year guidance.The trading houses said profits were affected by China’s economic slowdown alongside declining prices of coking coal and iron ore.The five firms, in which Buffett’s Berkshire Hathaway Inc. has stakes, have a significant presence in the global commodities space, with investments in upstream oil and gas projects to mines. In recent years, they have worked to diversify their business port","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MSBHF":"Mitsubishi Corp.","MTSUY":"Mitsubishi Corp.","ITOCF":"Itochu Corp.","ITOCY":"Itochu Corp."},"translate_title":"日本贸易公司盈利受到大宗商品价格下跌拖累","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ITOCF":0.9,"ITOCY":0.9,"MSBHF":0.9,"MTSUY":0.9},"content_text":"(Bloomberg) -- Five major Japanese trading firms backed by Warren Buffett saw their profits dented by lower commodity prices this year.\nAmong the five, Mitsui & Co. was the only one to boost its net income guidance for the full year, saying its LNG business will contribute to profits. Mitsubishi Corp., Marubeni Corp. and Sumitomo Corp.’s net income missed the average analyst estimates for the second quarter ended September, according to data compiled by Bloomberg. Itochu Corp., which announced results on Wednesday, also missed analyst estimates for operating income. The four firms retained their fiscal year guidance. \nThe trading houses said profits were affected by China’s economic slowdown alongside declining prices of coking coal and iron ore. \nThe five firms, in which Buffett’s Berkshire Hathaway Inc. has stakes, have a significant presence in the global commodities space, with investments in upstream oil and gas projects to mines. In recent years, they have worked to diversify their business portfolios to protect against swings in commodity markets.\nThe companies added they see some bright spots for the remainder of the fiscal year. \nMitsubishi boosted the net income forecast for its energy segment by 16% compared with a previous projection, saying higher market prices for LNG will support sales. Sumitomo expects its overseas electricity business to help support profits, while Marubeni sees its copper business recovering in the second half of the year after resolving delays at its mines. \nItochu raised the forecast for its textile segment on the back of a positive performance by its overseas sportswear business. The firm also announced it will acquire an additional stake in Brazilian iron ore producer CSN Mineração for around 117 billion yen ($760 million), in an effort to secure high-quality ore for use in cleaner steel-making.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481625274"}