Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.97 -34.49 -0.83%
Ticker Volume Price Price Delta
STOXX 50 3,195.77 19.80 0.62%
FTSE 100 6,718.09 43.35 0.65%
DAX 9,586.94 42.75 0.45%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,562.80 53.16 0.24%

Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2013



  Mitsubishi Electric Announces Consolidated Financial Results for the First 9
  Months and Third Quarter of Fiscal 2013

Business Wire

TOKYO -- February 3, 2013

Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial
results for the first 9 months and third quarter ending December 31, 2012, of
the current fiscal year ending March 31, 2013 (fiscal 2013).

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

1. Consolidated First 9 Months Results (April 1, 2012 – December 31, 2012)

                                                  
Net sales:                    2,506.8 billion      (2% decrease from the same
                              yen                  period last year)
Operating income:             113.2 billion yen    (30% decrease from the same
                                                   period last year)
Income before income taxes:   25.7 billion yen     (84% decrease from the same
                                                   period last year)
Net income attributable to                         (40% decrease from the same
                              49.1 billion yen     period last year)
Mitsubishi Electric Corp.:
                                                    

In the first 9 months of fiscal 2013, the business environment continued to be
severe, despite the yen becoming weaker toward the end of 2012, with the
global economy not showing a clear trend of recovery except for the U.S. and
certain steady markets.

Under these circumstances, consolidated net sales for the first 9 months of
fiscal 2013 decreased by 2% compared to the same period of the previous fiscal
year to 2,506.8 billion yen with decreased sales in the Industrial Automation
Systems, Electronic Devices and Home Appliances segments. Consolidated
operating income for the first 9 months of fiscal 2013 decreased by 30%
compared to the same period of the previous fiscal year to 113.2 billion yen,
mainly due to lower profits in the Industrial Automation Systems, Electronic
Devices and Home Appliances segments. Income before income taxes decreased by
84% compared to the same period of the previous fiscal year to 25.7 billion
yen largely as a result of recording 75.7 billion yen as a non-operating
expense for refund of overcharged expenses to certain parties in the
electronic systems business. Net income attributable to Mitsubishi Electric
Corporation for the first 9 months of fiscal 2013 decreased by 40% compared to
the same period of the previous fiscal year to 49.1 billion yen due to a
decrease in tax expenses.

2. Consolidated Third-quarter Results (October 1, 2012 – December 31, 2012)

                                                  
Net sales:                    810.8 billion yen    (1% decrease from the same
                                                   period last year)
Operating income:             23.6 billion yen     (51% decrease from the same
                                                   period last year)
Income (loss) before income   (47.0 billion yen)   –
taxes:
Net income attributable to                         (56% decrease from the same
                              5.5 billion yen      period last year)
Mitsubishi Electric Corp.:
                                                    

Consolidated net sales for this quarter decreased by 1% compared to the same
period of the previous fiscal year to 810.8 billion yen, with sales decreases
in the Energy and Electric Systems, Industrial Automation Systems and
Electronic Devices segments. Consolidated operating income decreased by 51%
compared to the same period of the previous fiscal year to 23.6 billion yen,
due to a decline in income in the Energy and Electric Systems, Industrial
Automation Systems, Information and Communication Systems and Electronic
Devices segments. Income before income taxes recorded a loss of 47.0 billion
yen largely as a result of recording 75.7 billion yen as a non-operating
expense for refund of overcharged expenses to certain parties in the
electronic systems business. Net income attributable to Mitsubishi Electric
Corporation for this quarter decreased by 56% compared to the same period of
the previous fiscal year to 5.5 billion yen due to a decrease in tax expenses.

Forecast for Fiscal 2013 (year ending March 31, 2013)

The current consolidated earnings forecast for fiscal 2013, ending March 31,
2013, is unchanged from the announcement on December 21, 2012 as stated below.

                             
Consolidated earnings forecast for fiscal 2013
                              Current forecast
Net sales:                    3,520.0 billion yen   (3% decrease from fiscal
                                                    2012)
Operating income:             150.0 billion yen     (33% decrease from fiscal
                                                    2012)
Income before income taxes:   40.0 billion yen      (82% decrease from fiscal
                                                    2012)
Net income attributable to                          (55% decrease from fiscal
                              50.0 billion yen      2012)
Mitsubishi Electric Corp.:

 
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

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 3,639.4 billion yen (US$ 44.4 billion*) in the fiscal year ended
March 31, 2012. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 82 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market on March 31, 2012

Contact:

Mitsubishi Electric Corporation
Investor Relations Inquiries
Investor Relations Group
Corporate Finance Division
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
or
Media Inquiries
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement