Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2017

TOKYO--()--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first quarter ended June 30, 2016, of the current fiscal year ending March 31, 2017 (fiscal 2017).

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:   927.0   billion yen   (6% decrease from the same quarter last year)
Operating income: 59.7 billion yen (9% increase from the same quarter last year)
Income before income taxes: 61.0 billion yen (9% decrease from the same quarter last year)
Net income attributable to Mitsubishi Electric Corp.: 42.9 billion yen (7% decrease from the same quarter last year)
 

The business environment in the first quarter (from April through June 2016) of the fiscal year 2017 experienced a gradual slowdown continuing in China and other East Asian markets and weakness in personal consumption in Japan, while the economy showed strong signs of expansion in the U.S., and a gradual trend of economic recovery continued in Europe. In addition, the yen became stronger against foreign currencies compared to the same period of the previous year, becoming radically stronger with the impact of the U.K.’s withdrawal from the European Union at the end of June.

Under these circumstances, consolidated net sales in the first quarter decreased by 6% compared to the same period of the previous fiscal year to 927.0 billion yen, owing to such factors as decreased sales in the Industrial Automation Systems, Information and Communication Systems and Electronic Devices. Consolidated operating income increased by 9% compared to the same period of the previous fiscal year to 59.7 billion yen, due to increased profits in the Energy and Electric Systems and Home Appliances segments.

Forecast for Fiscal 2017
With negative influences caused by the yen becoming stronger against currencies mainly in Europe and in Asia, Mitsubishi Electric’s business performance for the current fiscal year is expected to fall below its previous forecast mainly in the Industrial Automation Systems and Energy and Electric Systems segments. Therefore, the consolidated earnings forecast for the first half of fiscal 2017, ending September 30, 2016, and for fiscal 2017, ending March 31, 2017, have been revised from the announcement on April 28, 2016 as stated below.

 

First Half of Fiscal 2017 Consolidated Earnings Forecast

Consolidated   Previous forecast

(announced Apr. 28)

  Current forecast
Net sales: 1,990.0 billion yen 1,960.0 billion yen   (5% decrease from the same period last year)
Operating income: 95.0 billion yen 90.0 billion yen   (29% decrease from the same period last year)
Income before

income taxes:

115.0 billion yen 100.0 billion yen   (25% decrease from the same period last year)
Net income

attributable to

Mitsubishi Electric

Corp.:

  85.0 billion yen   70.0 billion yen   (25% decrease from the same period last year)
 

Fiscal 2017 Consolidated Earnings Forecast

Consolidated   Previous forecast

(announced Apr. 28)

  Current forecast
Net sales: 4,280.0 billion yen 4,180.0 billion yen   (5% decrease from the previous fiscal year)
Operating income: 260.0 billion yen 235.0 billion yen   (22% decrease from the previous fiscal year)
Income before

income taxes:

280.0 billion yen 255.0 billion yen   (20% decrease from the previous fiscal year)
Net income

attributable to

Mitsubishi Electric

Corp.:

  200.0 billion yen   175.0 billion yen   (23% decrease from the previous fiscal year)
 
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 4,394.3 billion yen (US$ 38.8 billion*) in the fiscal year ended March 31, 2016. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 113 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2016

Contacts

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
www.MitsubishiElectric.com/news/

Contacts

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
www.MitsubishiElectric.com/news/