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Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2019

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Mitsubishi
Electric Corporation
(TYO:6503) announced today its consolidated
financial results for the first quarter, ended June 30, 2018, of the
current fiscal year ending March 31, 2019 (fiscal 2019).

The full document on Mitsubishi Electric's financial results can be
viewed at the following link:
www.MitsubishiElectric.com/news

 

Consolidated Financial Results

Net sales:     1,050.9       billion yen       (2% increase from the same quarter last year)
Operating income: 61.5 billion yen (18% decrease from the same quarter last year)
Income before income taxes: 68.7 billion yen (15% decrease from the same quarter last year)
Net income attributable to Mitsubishi Electric Corp. stockholders: 47.5 billion yen (17% decrease from the same quarter last year)
 

The global economy in the first quarter, from April through June 2018,
of fiscal 2019 saw a slight slowdown in China, a buoyant expansion in
the U.S. and gradual trends of recovery in Japan and Europe. In
addition, the yen appreciated against the U.S. dollar and weakened
against the euro compared to the same period of the previous fiscal year.

Under these circumstances, consolidated net sales in the first quarter
increased by 2% compared to the same period of the previous fiscal year
to 1,050.9 billion yen with increased sales in the Industrial Automation
Systems, Electronic Devices and Home Appliances segments. Consolidated
operating income decreased by 18% compared to the same period of the
previous fiscal year to 61.5 billion yen, due to decreased profits in
all segments.

Income before income taxes decreased by 15% compared to the same period
of the previous fiscal year to 68.7 billion yen.

Net income attributable to Mitsubishi Electric Corporation stockholders
decreased by 17% compared to the same period of the previous fiscal year
to 47.5 billion yen.

Forecast for Fiscal 2019
The
current consolidated earnings forecast for fiscal 2019, ending March 31,
2019, is unchanged from the announcement on April 27, 2018 as stated
below.

 

Current consolidated forecast for fiscal 2019

Net sales     4,500.0       billion yen       (1% increase from fiscal 2018)
Operating income 315.0 billion yen (4% decrease from fiscal 2018)
Income before income taxes 345.0 billion yen (2% decrease from fiscal 2018)
Net income attributable to Mitsubishi Electric Corp. stockholders 245.0 billion yen (4% decrease from fiscal 2018)
 
 
Note: The results forecast above is based on assumptions
deemed reasonable by the Company at the present time, and actual
results may differ significantly from forecasts. Please refer to the
cautionary statement in the full document.
 

About Mitsubishi Electric Corporation
With
nearly 100 years of experience in providing reliable, high-quality
products, Mitsubishi Electric Corporation (TYO:6503) is a recognized
world leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and communications,
space development and satellite communications, consumer electronics,
industrial technology, energy, transportation and building equipment.
Embracing the spirit of its corporate statement, Changes for the Better,
and its environmental statement, Eco Changes, Mitsubishi Electric
endeavors to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of 4,444.4
billion yen (in accordance with IFRS; US$ 41.9 billion*) in the fiscal
year ended March 31, 2018. For more information visit:
www.MitsubishiElectric.com
*At
an exchange rate of 106 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2018

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