Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2019

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2019 increased by 2% compared to the same period of the previous fiscal year to 3,264.1 billion yen due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems and Home Appliances segments.

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Monday, February 4, 2019

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MITSUBISHI ELECTRIC CORPORATION

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Key Points:

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2019 increased by 2% compared to the same period of the previous fiscal year to 3,264.1 billion yen due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems and Home Appliances segments.
Income before income taxes decreased by 14% compared to the same period of the previous fiscal year to 221.7 billion yen.
Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 14% compared to the same period of the previous fiscal year to 158.8 billion yen.
Consolidated Third-quarter Results (October 1, 2018 December 31, 2018)

Mitsubishi
Electric Corporation (TOKYO:6503) announced today its consolidated
financial results for the first 9 months and third quarter, ended
December 31, 2018, of the current fiscal year ending March 31, 2019
(fiscal 2019).

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, 2018 – December 31, 2018)
Net sales:	3,264.1	billion yen	(2% increase from the same period last year)
Operating income:	201.4	billion yen	(15% decrease from the same period last year)
Income before income taxes:	221.7	billion yen	(14% decrease from the same period last year)
Net income attributable to Mitsubishi Electric Corp. stockholders:	158.8	billion yen	(14% decrease from the same period last year)

In the first 9 months of fiscal 2019, from April through December 2018,
the global economy saw a buoyant expansion in the U.S. and gradual
trends of recovery in Japan and Europe, while the Chinese economy
experienced a slight slowdown. In addition, compared to the same period
of the previous fiscal year, the yen appreciated against the U.S.
dollar, especially due to the currency fluctuation at the end of
December, and remained strong against the euro in and after August.

Under these circumstances, consolidated net sales for the first 9 months
of fiscal 2019 increased by 2% compared to the same period of the
previous fiscal year to 3,264.1 billion yen due primarily to increased
sales in the Energy and Electric Systems, Industrial Automation Systems
and Home Appliances segments.

Consolidated operating income decreased by 15% compared to the same
period of the previous fiscal year to 201.4 billion yen, due to
decreased profits in the Industrial Automation Systems, Information and
Communication Systems and Electronic Devices segments.

Income before income taxes decreased by 14% compared to the same period
of the previous fiscal year to 221.7 billion yen.

Net income attributable to Mitsubishi Electric Corporation stockholders
decreased by 14% compared to the same period of the previous fiscal year
to 158.8 billion yen.


2. Consolidated Third-quarter Results (October 1, 2018 – December 31, 2018)
Net sales:	1,094.0	billion yen	(2% increase from the same period last year)
Operating income:	75.5	billion yen	(11% decrease from the same period last year)
Income before income taxes:	80.4	billion yen	(13% decrease from the same period last year)
Net income attributable to Mitsubishi Electric Corp. stockholders:	56.4	billion yen	(10% decrease from the same period last year)

Consolidated net sales for this quarter, from October through December
2018, was 1,094.0 billion yen, a 2% increase from the same period of the
previous fiscal year, due to increased sales in the Energy and Electric
Systems and Home Appliances segments.

Consolidated operating income was 75.5 billion yen, an 11% decrease from
the same period of the previous fiscal year, with decreased profits
mainly in the Industrial Automation Systems and Electronic Devices
segments.

Income before income taxes decreased by 13% compared to the same period
of the previous fiscal year to 80.4 billion yen.

Net income attributable to Mitsubishi Electric Corporation stockholders
decreased by 10% compared to the same period of the previous fiscal year
to 56.4 billion yen.

Forecast for Fiscal 2019 (year ending March 31,
2019)

Considering the financial results for the third quarter of fiscal 2019,
lower demand in the Industrial Automation Systems and Electronic Devices
segments in the Chinese market and other factors, Mitsubishi Electric’s
business performance for fiscal 2019 is expected to fall below the
company’s previous forecast. As a result, the company’s consolidated
earnings forecast for fiscal 2019, ending March 31, 2019, has been
revised from the announcement on October 29, 2018 as stated below.


Consolidated Earnings Forecast for Fiscal 2019
Consolidated	Previous forecast (announced Oct. 29)	Current forecast
Net sales:	4,510.0 billion yen	4,500.0 billion yen	(1% increase from fiscal 2018)
Operating income:	305.0 billion yen	285.0 billion yen	(13% decrease from fiscal 2018)
Income before income taxes:	335.0 billion yen	310.0 billion yen	(12% decrease from fiscal 2018)
Net income attributable to Mitsubishi Electric Corp. stockholders:	240.0 billion yen	225.0 billion yen	(12% decrease from fiscal 2018)

Exchange rates in the fourth quarter of fiscal 2019 is unchanged from
the previous announcement, which are 105 yen to the U.S. dollar, 125 yen
to the euro and 16.0 yen to the Chinese yuan.


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 consolidated group sales of 4,444.4
billion yen (in accordance with IFRS; US$ 41.9 billion*) in the fiscal
year ended March 31, 2018. For more information visit:
www.MitsubishiElectric.com
*At
an exchange rate of 106 yen to the US dollar, the rate given by the
Tokyo Foreign Exchange Market on March 31, 2018

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