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Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2015

Mitsubishi Electric Corporation (TOKYO: 6503) announced today its consolidated financial results for the first quarter ending June 30, 2014, of the current fiscal year ending March 31, 2015 (fiscal 2015).

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:   910.6   billion yen   (9% increase from the same quarter last year)
Operating income: 59.3 billion yen (73% increase from the same quarter last year)
Income before income taxes: 67.8 billion yen (59% increase from the same quarter last year)
Net income attributable to Mitsubishi Electric Corp.: 43.0 billion yen (69% increase from the same quarter last year)

The business environment in the first quarter of the fiscal year 2015 as a whole saw ongoing gradual expansion around the world, owing to economic stability in the U.S., gradual economic recovery in Europe, a slightly mitigated slowdown in China and other factors, while the Japanese economy experienced an upward trend in the commercial sector despite a backlash due to the last-minute surge in demand experienced before the rise in consumption tax.

Under these circumstances, consolidated net sales in the first quarter increased by 9% compared to the same period of the previous fiscal year to 910.6 billion yen, owing to such factors as increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income increased by 73% compared to the same period of the previous fiscal year to 59.3 billion yen, due to higher profits in the Industrial Automation Systems, Electronic Devices and Home Appliances segments.

Forecast for Fiscal 2015
With mainly the Industrial Automation Systems segment expected to see growth owing to increased demand for capital expenditures in Japan, China and other Asian countries, and due to an increase in car sales outside Japan, Mitsubishi Electric’s business performance for the current fiscal year is expected to exceed its previous forecast. Therefore, the consolidated earnings forecast for the first half of fiscal 2015, ending September 30, 2014, and for fiscal 2015, ending March 31, 2015, have been revised from the announcement on April 28, 2014 as stated below.

 

First Half of Fiscal 2015 Consolidated Earnings Forecast

Consolidated  

Previous forecast
(announced Apr. 28)

  Current forecast
Net sales: 1,950.0 billion yen 1,980.0 billion yen   (9% increase from the same period last year)
Operating income: 83.0 billion yen 100.0 billion yen   (25% increase from the same period last year)
Income before

income taxes:

93.0 billion yen 110.0 billion yen   (32% increase from the same period last year)
Net income

attributable to

Mitsubishi Electric

Corp.:

  68.0 billion yen   80.0 billion yen   (65% increase from the same period last year)
 

Fiscal 2015 Consolidated Earnings Forecast

Consolidated  

Previous forecast
(announced Apr. 28)

  Current forecast
Net sales: 4,180.0 billion yen 4,220.0 billion yen   (4% increase from the previous fiscal year)
Operating income: 250.0 billion yen 260.0 billion yen   (11% increase from the previous fiscal year)
Income before

income taxes:

260.0 billion yen 260.0 billion yen   (4% increase from the previous fiscal year)
Net income

attributable to

Mitsubishi Electric

Corp.:

  175.0 billion yen   175.0 billion yen   (14% increase from the previous fiscal year)
 
Note: The 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 in the full document.
 

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 4,054.3 billion yen (US$ 39.3 billion*) in the fiscal year ended March 31, 2014. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 103 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2014

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