Jul 30, 2019   SOURCE: BusinessWire

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2020

Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2019, of the current fiscal year ending March 31, 2020 (fiscal 2020).

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

Consolidated Financial Results

Revenue:

1,050.7

billion yen

(Substantially unchanged from the same period last year)

Operating profit:

54.9

billion yen

(11% decrease from the same period last year)

Profit before income taxes:

59.7

billion yen

(13% decrease from the same period last year)

Net profit attributable to Mitsubishi Electric Corp. stockholders:

42.7

billion yen

(10% decrease from the same period last year)

The economy in the first quarter, from April through June 2019, of fiscal 2020 saw an expansion in the U.S. mainly owing to buoyant consumer consumption, while China experienced a slowdown in economic growth. In addition, Japan saw decreases in export and production, and Europe also experienced a decrease in production, making the economic recovery trend in both markets more moderate.
Under these circumstances, revenue in the first quarter remained substantially unchanged compared to the same period of the previous fiscal year to 1,050.7 billion yen with increased revenue in the Energy and Electric Systems, Information and Communication Systems and Home Appliances segments, as well as decreased revenue in the Industrial Automation Systems and Electronic Devices segments.
Operating profit decreased by 11% compared to the same period of the previous fiscal year to 54.9 billion yen, due to decreased profits in the Industrial Automation Systems and Electronic Devices segments.
Profit before income taxes decreased by 13% compared to the same period of the previous fiscal year to 59.7 billion yen.
Net profit attributable to Mitsubishi Electric Corporation stockholders decreased by 10% compared to the same period of the previous fiscal year to 42.7 billion yen.

Forecast for Fiscal 2020
The current consolidated earnings forecast for fiscal 2020, ending March 31, 2020, is unchanged from the announcement on April 26, 2019 as stated below.

Current consolidated forecast for fiscal 2020

Revenue

4,630.0

billion yen

(2% increase from fiscal 2019)

Operating profit

295.0

billion yen

(2% increase from fiscal 2019)

Profit before income taxes

320.0

billion yen

(1% increase from fiscal 2019)

Net profit attributable to Mitsubishi Electric Corp. stockholders

240.0

billion yen

(6% increase from fiscal 2019)

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 a revenue of 4,519.9 billion yen (US$ 40.7 billion*) in the fiscal year ended March 31, 2019. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 111 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2019