Breaking News

Tweet TWEET

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2014

  Mitsubishi Electric Announces Consolidated Financial Results for the First
  Quarter of Fiscal 2014

Business Wire

TOKYO -- July 31, 2013

Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated
financial results for the first quarter ending June 30, 2013, of the current
fiscal year ending March 31, 2014 (fiscal 2014).

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:                      834.8  billion yen  (7% increase from the
                                                       same quarter last year)
Operating income:                34.1    billion yen   (27% decrease from the
                                                       same quarter last year)
Income before income taxes:      42.6    billion yen   (11% decrease from the
                                                       same quarter last year)
Net income attributable to       25.4    billion yen   (16% decrease from the
Mitsubishi Electric Corp.:                             same quarter last year)

In the first quarter of the fiscal year 2014, the business environment made
slow recovery owning to steady economic trends both in Japan and in the U.S.,
as well as the weaker yen, despite the economic downturn in Europe, and slower
rates of economic growth in the Chinese market.

Under these circumstances, in the first quarter consolidated net sales
increased by 7% compared to the same period of the previous fiscal year to
834.8 billion yen, due to such factors as increased sales in all segments.
Consolidated operating income decreased by 27% compared to the same period of
the previous fiscal year to 34.1 billion yen, due to lower profits in the
Energy and Electric Systems, Industrial Automation Systems, and Information
and Communication Systems segments.

Forecast for Fiscal 2014

The consolidated earnings forecast for the first half of fiscal 2014, ending
September 30, 2013, and for fiscal 2014, ending March 31, 2014, are unchanged
from the announcement released on April 30, 2013 as stated below.


First Half of Fiscal 2014 Consolidated Earnings Forecast
Net sales:                   1,780.0 billion    (5% increase from the same
                              yen                 period last year)
Operating income:             70.0 billion yen    (22% decrease from the same
                                                  period last year)
Income before income taxes:   60.0 billion yen    (18% decrease from the same
                                                  period last year)
Net income attributable to                        (20% decrease from the same
                             35.0 billion yen   period last year)
Mitsubishi Electric Corp.:


Fiscal 2014 Consolidated Earnings Forecast
Net sales:                   3,810.0 billion     (7% increase from the
                              yen                  previous fiscal year)
Operating income:             205.0 billion yen    (35% increase from the
                                                   previous fiscal year)
Income before income taxes:   185.0 billion yen    (184% increase from the
                                                   previous fiscal year)
Net income attributable to                         (58% increase from the
                             110.0 billion yen   previous fiscal year)
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 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 3,567.1 billion yen (US$ 37.9 billion*) in the fiscal year ended
March 31, 2013. For more information visit http://www.MitsubishiElectric.com

*At an exchange rate of 94 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market on March 31, 2013

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
Arisa Mori, +81-3-3218-2810
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
 
Press spacebar to pause and continue. Press esc to stop.