Hitachi Posts Upbeat Q1 Operating Profit

Hitachi Ltd

reported a higher-than-expected first-quarter operating profit. Hitachi's quarterly operating profit surged to 63.6 billion yen ($808.85 million), from 52.4 billion yen, in the year-ago period. However, analysts were expecting a net profit of 59.5 billion yen. The company kept its operating profit outlook of 480 billion-yen for the year ending March, versus analysts' estimates of 500.6 billion yen. Hitachi shares closed at $58.70 on Friday.