Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2016

TOKYO--()--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial results for the first 9 months and third quarter ended December 31, 2015, of the current fiscal year ending March 31, 2016 (fiscal 2016).

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, 2015 – December 31, 2015)

Net sales:   3,091.6 billion yen   (4% increase from the same period last year)
Operating income: 207.3 billion yen (3% increase from the same period last year)
Income before income taxes: 218.7 billion yen (1% decrease from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

152.8 billion yen (5% increase from the same period last year)

In the first 9 months of fiscal 2016, the business environment experienced buoyancy in the U.S. economy, which showed expansion, and a gradual trend of economic recovery continuing in Europe, despite a gradual slowdown continuing in China and other east Asian markets, weakness in personal consumption in Japan and stagnation in certain emerging markets. In addition, the yen weakened against the U.S. dollar compared to the previous year.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2016 increased by 4% compared to the same period of the previous fiscal year to 3,091.6 billion yen, with increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 3% compared to the same period of the previous fiscal year to 207.3 billion yen, due to increased profits in the Industrial Automation Systems, Electronic Devices and Home Appliances segments.

 

2. Consolidated Third-quarter Results (October 1, 2015 – December 31, 2015)

Net sales:   1,028.3 billion yen   (2% increase from the same period last year)
Operating income: 80.3 billion yen (Unchanged from the same period last year)
Income before income taxes: 85.6 billion yen (15% increase from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

59.8 billion yen (25% increase from the same period last year)

Consolidated net sales for this quarter increased by 2% compared to the same period of the previous fiscal year to 1,028.3 billion yen due to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Home Appliances segments. Consolidated operating income was 80.3 billion yen, remaining substantially unchanged from the same period of the previous fiscal year with increased profits in the Industrial Automation Systems, Information and Communication Systems and Home Appliances segments, despite decreased profits in the Energy and Electric Systems and Electronic Devices segments.

Forecast for Fiscal 2016 (year ending March 31, 2016)

The consolidated earnings forecast for fiscal 2016, ending March 31, 2016, has not been changed from the previous forecast announced on October 29, 2015.

 

Consolidated earnings forecast for fiscal 2016

    Current forecast
Net sales: 4,380.0 billion yen   (1% increase from fiscal 2015)
Operating income: 300.0 billion yen (6% decrease from fiscal 2015)
Income before income taxes: 315.0 billion yen (2% decrease from fiscal 2015)
Net income attributable to

Mitsubishi Electric Corp.:

  220.0 billion yen   (6% decrease from fiscal 2015)
 

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 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 4,323.0 billion yen (US$ 36.0 billion*) in the fiscal year ended March 31, 2015. For more information visit:
http://www.MitsubishiElectric.com
*At an exchange rate of 120 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2015

Contacts

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

Contacts

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