Mitsubishi Electric Corporation (TOKYO:6503) announced today its
consolidated financial results for the first quarter, ended June
30, 2017, of the current fiscal year ending March 31, 2018 (fiscal
2018).
The full document on Mitsubishi Electric’s financial results can
be accessed at the following link:
www.MitsubishiElectric.com/news
Consolidated
Financial Results
Net sales: 1,005.5 billion yen (8% increase
from the same quarter last year) Operating income: 74.2 billion yen
(24% increase from the same quarter last year) Income before income
taxes: 99.2 billion yen (63% increase from the same quarter last
year)
Net income attributable toMitsubishi
Electric Corp.:
67.7 billion yen (58% increase from the same quarter last year)
The global economy in the first quarter (from April through June
2017) of fiscal 2018 saw a continuing recovery trend in China, a
buoyant expansion in the U.S. and gradual trends of recovery in
Japan and Europe. In addition, the yen weakened against the U.S.
dollar and the euro in and after May compared to the same period of
the previous fiscal year.
Under these circumstances, consolidated net sales in the first
quarter increased by 8% compared to the same period of the previous
fiscal year to 1,005.5 billion yen with increased sales in all
segments. Consolidated operating income increased by 24% compared
to the same period of the previous fiscal year to 74.2 billion yen,
due primarily to increased profits in the Energy and Electric
Systems, Industrial Automation Systems and Electronic Devices
segments.
Forecast for Fiscal 2018As a
result of the company’s revised terms of foreign currency rates in
which it sees the yen weaker mainly against the euro in and after
the second quarter of fiscal 2018, as well as growth expected in
the Industrial Automation Systems segment in which it sees an
increase in demand for capital expenditures mainly in Asia, the
company’s consolidated earnings forecast for the first half of
fiscal 2018, ending September 30, 2017, and for fiscal 2018, ending
March 31, 2018, have been revised from the announcement on April
28, 2017 as stated below.
Other income increased by 10.0 billion yen due primarily to a
higher than expected gain in sales of investment securities in
Renesas Electronics Corporation.
First Half of Fiscal 2018 Consolidated
Earnings Forecast
Consolidated
Previous forecast(announced Apr.
28)
Current forecast Net sales: 2,030.0 billion yen
2,080.0 billion yen (5% increase from the same period last
year) Operating income: 125.0 billion yen 140.0 billion yen
(15% increase from the same period last year)
Income beforeincome taxes:
135.0 billion yen 160.0 billion yen (29% increase from the
same period last year)
Net incomeattributable toMitsubishi
ElectricCorp.:
95.0 billion yen 110.0 billion yen (25%
increase from the same period last year)
Fiscal 2018 Consolidated Earnings
Forecast
Consolidated
Previous forecast(announced Apr.
28)
Current forecast Net sales: 4,300.0 billion yen
4,370.0 billion yen (3% increase from the previous fiscal
year) Operating income: 280.0 billion yen 300.0 billion yen
(11% increase from the previous fiscal year)
Income beforeincome taxes:
300.0 billion yen 330.0 billion yen (11% increase from the
previous fiscal year)
Net incomeattributable toMitsubishi
ElectricCorp.:
215.0 billion yen 235.0 billion yen (12%
increase from the previous fiscal year)
Exchange rates in and after the second quarter of fiscal 2018 is
unchanged from the previous announcement at 105 yen to the U.S.
dollar, while exchange rates to the euro have been revised to 120
yen, ten yen weaker than the previous rate.
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 at the end.
About Mitsubishi Electric
CorporationWith over 90 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 4,238.6 billion yen (US$ 37.8 billion*) in the fiscal year
ended March 31, 2017. For more information visit:www.MitsubishiElectric.com*At an exchange rate of
112 yen to the US dollar, the rate given by the Tokyo Foreign
Exchange Market on March 31, 2017
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Mitsubishi Electric CorporationInvestor Relations
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