Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2024

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first 9 months and third quarter, ended December 31, 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

1. Consolidated First 9 Months Results (April 1, 2023 – December 31, 2023)

Revenue:	3,782.4	billion yen	(6% increase year-on-year)
Operating profit:	222.3	billion yen	(36% increase year-on-year)
Profit before income taxes:	249.0	billion yen	(32% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	186.0	billion yen	(34% increase year-on-year)

The economy in the first 9 months of fiscal 2024, from April through December 2023, continued to see moderate recovery in Japan, however, recovery in consumer spending and capital expenditures came to a standstill recently. In the U.S., the economy continued to see recovery primarily in consumer spending despite monetary tightening and other factors. In China, the economy showed weakness in recovery due to sluggish export as well as slower domestic demand resulting from the real estate recession and other factors. In Europe, there were slowdowns in the corporate and household sectors due primarily to monetary tightening.

Forecast for Fiscal 2024

The consolidated earnings forecast for fiscal 2024, ending March 31, 2024, is unchanged from the 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 in the fourth quarter are 145 yen to the U.S. dollar (5 yen weaker than the previous forecast), 155 yen to the euro (5 yen weaker than the previous forecast) and 20.0 yen to the Chinese yuan (unchanged from 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.