Oct 31, 2017   SOURCE: BusinessWire

Mitsubishi Electric Announces Consolidated Financial Results for the First Half and Second Quarter of Fiscal 2018

Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first half and second quarter, ended September 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

1. Consolidated Half-year Results (April 1, 2017 – September 30, 2017)

Net sales:   2,076.3   billion yen   (5% increase from the same period last year)
Operating income: 149.2 billion yen (23% increase from the same period last year)
Income before income taxes: 185.2 billion yen (50% increase from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

131.1 billion yen

(48% increase from the same period last year)

 

The business environment in the first half of fiscal 2018, from April through September 2017, experienced a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe, despite a modest slowdown in China. 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 half of fiscal 2018 increased by 5% compared to the same period of the previous fiscal year to 2,076.3 billion yen due primarily to increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 23% compared to the same period of the previous fiscal year to 149.2 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments. Income before income taxes increased by 50% compared to the same period of the previous fiscal year to 185.2 billion yen due primarily to recording a gain from sales of investment securities in Renesas Electronics Corporation as well as improvement of exchange gains and losses. Net income attributable to Mitsubishi Electric Corporation increased by 48% compared to the same period of the previous fiscal year to 131.1 billion yen.

2. Consolidated Second-quarter Results (July 1, 2017 – September 30, 2017)

Net sales:   1,070.7   billion yen   (2% increase from the same period last year)
Operating income: 75.0 billion yen (21% increase from the same period last year)
Income before income taxes: 85.9 billion yen (37% increase from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

63.3 billion yen (40% increase from the same period last year)
 

Consolidated net sales for this quarter, from July through September 2017, was 1,070.7 billion yen, a 2% increase from the same period of the previous fiscal year, due primarily to increased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments.
Consolidated operating income was 75.0 billion yen, an increase of 21% from the same period of the previous fiscal year, with increased profits in the Industrial Automation Systems and Electronic Devices segments.

Forecast for Fiscal 2018 (year ending March 31, 2018)
As a result of the 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 fiscal 2018, ending March 31, 2018, have been revised from the announcement on July 31, 2017 as stated below.

Consolidated Earnings Forecast for Fiscal 2018

Consolidated  

Previous forecast
(announced July 31)

  Current forecast
Net sales: 4,370.0 billion yen 4,390.0 billion yen   (4% increase from fiscal 2017)
Operating income: 300.0 billion yen 315.0 billion yen (17% increase from fiscal 2017)
Income before income taxes: 330.0 billion yen 350.0 billion yen (18% increase from fiscal 2017)

Net income attributable to
Mitsubishi Electric Corp.:

  235.0 billion yen   250.0 billion yen   (19% increase from fiscal 2017)

Exchange rates in and after the third quarter of fiscal 2018 is unchanged from the previous announcement at 105 yen to the U.S. dollar and 120 yen to the euro.

 

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 Corporation
With 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:
http://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