TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first half and second quarter, ended September 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
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1. Consolidated Half-year Results (April 1, 2018 – September 30, 2018) |
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| Net sales: | 2,170.1 | billion yen | (3% increase from the same period last year) | ||||||
| Operating income: | 125.9 | billion yen | (18% decrease from the same period last year) | ||||||
| Income before income taxes: | 141.2 | billion yen | (15% decrease from the same period last year) | ||||||
| Net income attributable to Mitsubishi Electric Corp. stockholders: | 102.3 | billion yen | (15% decrease from the same period last year) | ||||||
The global economy in the first half of fiscal 2019, from April through September 2018, saw a slight slowdown in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, from August, the yen weakened against the U.S. dollar and appreciated against the euro compared to the same period of the previous fiscal year.
Under these circumstances, consolidated net sales in the first half of fiscal 2019 increased by 3% compared to the same period of the previous fiscal year to 2,170.1 billion yen with increased sales in the Energy and Electric Systems, 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 125.9 billion yen, due to decreased profits in the Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments.
Income before income taxes decreased by 15% compared to the same period of the previous fiscal year to 141.2 billion yen.
Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 15% compared to the same period of the previous fiscal year to 102.3 billion yen.
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2. Consolidated Second-quarter Results (July 1, 2018 – September 30, 2018) |
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| Net sales: | 1,119.1 | billion yen | (4% increase from the same period last year) | ||||||
| Operating income: | 64.3 | billion yen | (17% decrease from the same period last year) | ||||||
| Income before income taxes: | 72.5 | billion yen | (15% decrease from the same period last year) | ||||||
| Net income attributable to Mitsubishi Electric Corp. stockholders: | 54.7 | billion yen | (14% decrease from the same period last year) | ||||||
Consolidated net sales for this quarter, from July through September 2018, was 1,119.1 billion yen, a 4% increase from the same period of the previous fiscal year, due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Home Appliances segments.
Consolidated operating income was 64.3 billion yen, a decrease of 17% from the same period of the previous fiscal year, with decreased profits in the Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments.
Income before income taxes decreased by 15% compared to the same period of the previous fiscal year to 72.5 billion yen.
Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 14% compared to the same period of the previous fiscal year to 54.7 billion yen.
Forecast for Fiscal 2019 (year ending March 31,
2019)
Considering the financial results for the second
quarter of fiscal 2019, the latest situation of orders received and
other factors, consolidated net sales for fiscal 2019 is expected to
exceed the company’s previous forecast owing primarily to the weaker yen
against the U.S. dollar, while income is expected to fall below the
previous forecast in the Industrial Automation Systems and Electronic
Devices segments. As a result, the company’s consolidated earnings
forecast for fiscal 2019, ending March 31, 2019, has been revised from
the announcement on July 30, 2018 as stated below.
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Consolidated Earnings Forecast for Fiscal 2019 |
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| Consolidated |
Previous forecast |
Current forecast | ||||
| Net sales: | 4,500.0 billion yen | 4,510.0 billion yen | (1% increase from fiscal 2018) | |||
| Operating income: | 315.0 billion yen | 305.0 billion yen | (7% decrease from fiscal 2018) | |||
| Income before income taxes: | 345.0 billion yen | 335.0 billion yen | (5% decrease from fiscal 2018) | |||
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Net income attributable to
Mitsubishi Electric Corp. stockholders: |
245.0 billion yen | 240.0 billion yen | (6% decrease from fiscal 2018) | |||
Exchange rates in and after the third quarter of fiscal 2019 is 105 yen to the U.S. dollar, which is 5 yen weaker from the company’s previous announcement, 125 yen to the euro, unchanged from the previous announcement, and 16.0 yen to the Chinese yuan, which is 0.5 yen stronger.
| 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 (TOKYO: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
