TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first 9 months and third quarter, ended December 31, 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 First 9 Months Results (April 1, 2018 – December 31, 2018) |
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| Net sales: | 3,264.1 | billion yen | (2% increase from the same period last year) | |||
| Operating income: | 201.4 | billion yen | (15% decrease from the same period last year) | |||
| Income before income taxes: | 221.7 | billion yen | (14% decrease from the same period last year) | |||
| Net income attributable to Mitsubishi Electric Corp. stockholders: | 158.8 | billion yen | (14% decrease from the same period last year) | |||
In the first 9 months of fiscal 2019, from April through December 2018, the global economy saw a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe, while the Chinese economy experienced a slight slowdown. In addition, compared to the same period of the previous fiscal year, the yen appreciated against the U.S. dollar, especially due to the currency fluctuation at the end of December, and remained strong against the euro in and after August.
Under these circumstances, consolidated net sales for the first 9 months of fiscal 2019 increased by 2% compared to the same period of the previous fiscal year to 3,264.1 billion yen due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems and Home Appliances segments.
Consolidated operating income decreased by 15% compared to the same period of the previous fiscal year to 201.4 billion yen, due to decreased profits in the Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments.
Income before income taxes decreased by 14% compared to the same period of the previous fiscal year to 221.7 billion yen.
Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 14% compared to the same period of the previous fiscal year to 158.8 billion yen.
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2. Consolidated Third-quarter Results (October 1, 2018 – December 31, 2018) |
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| Net sales: | 1,094.0 | billion yen | (2% increase from the same period last year) | |||
| Operating income: | 75.5 | billion yen | (11% decrease from the same period last year) | |||
| Income before income taxes: | 80.4 | billion yen | (13% decrease from the same period last year) | |||
| Net income attributable to Mitsubishi Electric Corp. stockholders: | 56.4 | billion yen | (10% decrease from the same period last year) | |||
Consolidated net sales for this quarter, from October through December 2018, was 1,094.0 billion yen, a 2% increase from the same period of the previous fiscal year, due to increased sales in the Energy and Electric Systems and Home Appliances segments.
Consolidated operating income was 75.5 billion yen, an 11% decrease from the same period of the previous fiscal year, with decreased profits mainly in the Industrial Automation Systems and Electronic Devices segments.
Income before income taxes decreased by 13% compared to the same period of the previous fiscal year to 80.4 billion yen.
Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 10% compared to the same period of the previous fiscal year to 56.4 billion yen.
Forecast for Fiscal 2019 (year ending March 31, 2019)
Considering the financial results for the third quarter of fiscal 2019, lower demand in the Industrial Automation Systems and Electronic Devices segments in the Chinese market and other factors, Mitsubishi Electric’s business performance for fiscal 2019 is expected to fall below the company’s previous forecast. As a result, the company’s consolidated earnings forecast for fiscal 2019, ending March 31, 2019, has been revised from the announcement on October 29, 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: | 4,510.0 billion yen | 4,500.0 billion yen | (1% increase from fiscal 2018) | |||
| Operating income: | 305.0 billion yen | 285.0 billion yen | (13% decrease from fiscal 2018) | |||
| Income before income taxes: | 335.0 billion yen | 310.0 billion yen | (12% decrease from fiscal 2018) | |||
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Net income attributable to
Mitsubishi Electric Corp. stockholders: |
240.0 billion yen | 225.0 billion yen | (12% decrease from fiscal 2018) | |||
Exchange rates in the fourth quarter of fiscal 2019 is unchanged from the previous announcement, which are 105 yen to the U.S. dollar, 125 yen to the euro and 16.0 yen to the Chinese yuan.
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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. |
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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
