Mitsubishi Electric Announces Consolidated Financial Results for Fiscal 2024

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for fiscal 2024 (April 1, 2023 - March 31, 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:	5,257.9	billion yen	(5% increase year-on-year)
Operating profit:	328.5	billion yen	(25% increase year-on-year)
Profit before income taxes:	365.8	billion yen	(25% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	284.9	billion yen	(33% increase year-on-year)

The economy in fiscal 2024 continued to see moderate recovery in Japan, however, recovery in consumer spending 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, both the corporate and household sectors were stagnant due primarily to monetary tightening.

In this environment, the Mitsubishi Electric Group has been working harder than ever to maximize profitability by accelerating business transformation and its business portfolio strategy under its business area management structure, while continuously implementing initiatives to bolster its competitiveness and business structure.

Forecast for Fiscal 2025

The global economy in fiscal 2025 is expected to see a continued spending increase, but growth is anticipated to remain moderate due primarily to continued monetary tightening in various countries and regions, mainly in Europe and the U.S., and the real estate recession in China. There is also an increase in geopolitical risks, including the prolonged conflict in Ukraine and the tensions between the U.S. and China, which raises a concern about changes in business environment beyond expectations.

Under these circumstances, the Mitsubishi Electric Group will focus its management on asset efficiency and cash-generating capabilities by utilizing ROIC in its business operations. This will enable the Group to carry out active investments speedily in its Key Growth Businesses such as enhancing its production system and M&A, while strongly promoting a resource shift approach based on its business portfolio strategy, including by considering potential withdrawals from and sale of businesses with issues that are not expected to improve their profitability or asset efficiency. Furthermore, the Group will promote efforts to optimize its global engineering and supply chains as well as to improve group management efficiency. In addition, it will ensure that its operations flexibly cope with the changing business environment in light of recent economic trends.

The current financial performance forecast for fiscal 2025 follows below.

Current consolidated forecast for fiscal 2025

Revenue:	5,300.0	billion yen	(1% increase year-on-year)
Operating profit:	400.0	billion yen	(22% increase year-on-year)
Profit before income taxes:	430.0	billion yen	(18% increase year-on-year)
Net profit attributable to Mitsubishi Electric Corp. stockholders:	315.0	billion yen	(11% increase year-on-year)

Exchange rates for this forecast are 140 yen to the U.S. dollar, 150 yen to the euro and 19.5 yen to the Chinese yuan.

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.