Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2024

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter, ended June 30, 2023, of the current fiscal year ending March 31, 2024 (fiscal 2024).

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

Consolidated Financial Results

Revenue:	1,220.3	billion yen	(14% increase year-on-year)
Operating profit:	61.0	billion yen	(80% increase year-on-year)
Profit before income taxes:	76.8	billion yen	(64% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	57.8	billion yen	(73% increase year-on-year)

The economy in the first quarter, from April through June 2023, of fiscal 2024 continued to see recovery primarily in the household sector in Japan. In the U.S., the economy continued to see recovery in the corporate and household sectors despite monetary tightening and other factors. In China, recovery remained moderate due to slower production and export. In Europe, there were slowdowns in the corporate and household sectors due to monetary tightening and other factors.

Forecast for Fiscal 2024

The consolidated earnings forecast for fiscal 2024, ending March 31, 2024, is unchanged from the previous announcement on April 28, 2023 as stated below.

Current consolidated forecast for fiscal 2024

Revenue:	5,200.0	billion yen	(4% increase year-on-year)
Operating profit:	330.0	billion yen	(26% increase year-on-year)
Profit before income taxes:	355.0	billion yen	(22% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	260.0	billion yen	(22% increase year-on-year)

Exchange rates for this forecast from second quarter onwards are 130 yen to the U.S. dollar (5 yen weaker than the previous forecast), 140 yen to the euro (5 yen weaker than the previous forecast) and 19.0 yen to the Chinese yuan (0.5 yen weaker than the previous forecast).

Note: The results forecast above is based on assumptions deemed reasonable by Mitsubishi Electric at the present time, and actual results may differ significantly from forecasts. Please refer to the cautionary statement in the full document.