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Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2014

Mitsubishi Electric Corporation (TOKYO:6503) announced today its financial results for the first 9 months and third quarter ending December 31, 2013, of the current fiscal year ending March 31, 2014 (fiscal 2014).

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, 2013 – December 31, 2013)

Net sales:   2,727.2 billion yen   (9% increase from the same period last year)
Operating income: 143.1 billion yen (26% increase from the same period last year)
Income before income taxes: 155.7 billion yen (6.05 times increase from the same period last year)

Net income attributable to
Mitsubishi Electric Corp.:

94.8 billion yen (93% increase from the same period last year)
 

In the first 9 months of fiscal 2014, the business environment continued to recover owing to steady economic trends both in Japan and abroad, as well as the weaker yen advanced since the beginning of the third quarter, despite the economic downturn in some emerging markets.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2014 increased by 9% compared to the same period of the previous fiscal year to 2,727.2 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 26% compared to the same period of the previous fiscal year to 143.1 billion yen, due to increased profits in the Industrial Automation Systems, Electronic Devices and Home Appliances segments.
75.7 billion yen for refund of overcharged expenses to certain parties in the electronic systems business was recorded as a non-operating expense in the same period of the previous fiscal year.

2. Consolidated Third-quarter Results (October 1, 2013 – December 31, 2013)

Net sales:   915.3 billion yen   (13% increase from the same period last year)
Operating income: 63.4 billion yen (2.69 times increase from the same period last year)
Income before income taxes: 72.3 billion yen

Net income attributable to
Mitsubishi Electric Corp.:

46.5 billion yen (8.43 times increase from the same period last year)
 

Consolidated net sales for this quarter increased by 13% compared to the same period of the previous fiscal year to 915.3 billion yen, due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income is 63.4 billion yen, 2.69 times increase from the same period of the previous fiscal year, with increased profits in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.
75.7 billion yen for refund of overcharged expenses to certain parties in the electronic systems business was recorded as a non-operating expense in the same period of the previous fiscal year.

Forecast for Fiscal 2014 (year ending March 31, 2014)

The current consolidated earnings forecast for fiscal 2014, ending March 31, 2014, is revised from the previous forecast announcement on October 31, 2013. We expect the improvement on non-operating profit and loss, due to an increase in equity in earnings of affiliated companies, foreign exchange gains and other factors.

Consolidated earnings forecast for fiscal 2014

 

Previous forecast
(announced
October 31)

  Current forecast  
Net sales: 3,950.0 billion yen 3,950.0 billion yen (11% increase from fiscal 2013)
Operating income: 220.0 billion yen 220.0 billion yen (45% increase from fiscal 2013)
Income before income taxes: 200.0 billion yen 220.0 billion yen (3.38 times increase from fiscal 2013)

Net income attributable to
Mitsubishi Electric Corp.:

120.0 billion yen 140.0 billion yen (2.01 times increase from fiscal 2013)
 
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 on the last page.
 

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 3,567.1 billion yen (US$ 37.9 billion*) in the fiscal year ended March 31, 2013. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 94 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2013

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