Feb 3, 2020   SOURCE: BusinessWire

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2020

Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first 9 months and third quarter, ended December 31, 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

1. Consolidated First 9 Months Results (April 1, 2019 – December 31, 2019)

Revenue:

3,250.1

billion yen

(Substantially unchanged from the same period last year)

Operating profit:

182.2

billion yen

(10% decrease from the same period last year)

Profit before income taxes:

198.7

billion yen

(10% decrease from the same period last year)

Net profit attributable to
Mitsubishi Electric Corp.
stockholders:

159.7

billion yen

(1% increase from the same period last year)

The economy in the first 9 months of fiscal 2020, from April through December 2019, saw a slower growth in China, with the corporate sector experiencing a slowdown in exports and capital expenditures for fixed assets. In the U.S., the economy continued to grow due primarily to buoyant personal consumption, but the corporate sector slowed down mainly in capital expenditures. In addition, the economic recovery became slower in Japan and Europe, with Japan seeing a decrease in production and exports, and Europe experiencing a fall in production.

Under these circumstances, revenue for the first 9 months of fiscal 2020 remained substantially unchanged compared to the same period of the previous fiscal year, recording 3,250.1 billion yen. This was due primarily to increased revenue in the Energy and Electric Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments, and decreased revenue in the Industrial Automation Systems segment and other factors.

Operating profit decreased by 10% compared to the same period of the previous fiscal year to 182.2 billion yen mainly due to decreased profit in the Industrial Automation Systems segment. Meanwhile, the increase in other profit (loss) within operating profit was due primarily to income from sale of land.

Profit before income taxes decreased by 10% compared to the same period of the previous fiscal year to 198.7 billion yen.

Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 1% compared to the same period of the previous fiscal year to 159.7 billion yen due to a decrease in income taxes resulting from the reorganization of its affiliated company outside Japan, despite a decrease in profit before income taxes.

2. Consolidated Third-quarter Results (October 1, 2019 – December 31, 2019)

Revenue:

1,067.6

billion yen

(2% decrease from the same period last year)

Operating profit:

68.0

billion yen

(10% decrease from the same period last year)

Profit before income taxes:

74.7

billion yen

(7% decrease from the same period last year)

Net profit attributable to
Mitsubishi Electric Corp.
stockholders:

68.4

billion yen

(21% increase from the same period last year)

Revenue for this quarter, from October through December 2019, was 1,067.6 billion yen, a 2% decrease from the same period of the previous fiscal year, due to decreased revenue in the Industrial Automation Systems segment and other factors.

Operating profit was 68.0 billion yen, a 10% decrease from the same period of the previous fiscal year, with decreased profits mainly in the Industrial Automation Systems and Home Appliances segments. Meanwhile, the increase in other profit (loss) within operating profit was mainly due to income from sale of land.

Profit before income taxes decreased by 7% compared to the same period of the previous fiscal year to 74.7 billion yen.

Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 21% compared to the same period of the previous fiscal year to 68.4 billion yen due to a decrease in income taxes resulting from the reorganization of its affiliated company outside Japan, despite a decrease in profit before income taxes.

Forecast for Fiscal 2020 (year ending March 31, 2020)

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

Current consolidated forecast for fiscal 2020

Revenue

4,500.0

billion yen

(Substantially unchanged from fiscal 2019)

Operating profit

260.0

billion yen

(10% decrease from fiscal 2019)

Profit before income taxes

275.0

billion yen

(13% decrease from fiscal 2019)

Net profit attributable to
Mitsubishi Electric Corp.
stockholders

210.0

billion yen

(7% decrease 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