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Mitsubishi Electric Announces Consolidated Financial Results For The First 9 Months And 3Q19

Mitsubishi Electric Corporation announced today its consolidated financial results for the first 9 months and third quarter, ended December 31, 2018, of the current fiscal year ending March 31, 2019 (fiscal 2019).

In the first 9 months of fiscal 2019, from April through December 2018, the global economy saw a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe, while the Chinese economy experienced a slight slowdown. In addition, compared to the same period of the previous fiscal year, the yen appreciated against the U.S. dollar, especially due to the currency fluctuation at the end of December, and remained strong against the euro in and after August.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2019 increased by 2 percent compared to the same period of the previous fiscal year to 3264.1 billion yen due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems and Home Appliances segments.

Consolidated operating income decreased by 15 percent compared to the same period of the previous fiscal year to 201.4 billion yen, due to decreased profits in the Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments.

Income before income taxes decreased by 14 percent compared to the same period of the previous fiscal year to 221.7 billion yen.

Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 14 percent compared to the same period of the previous fiscal year to 158.8 billion yen.

Consolidated net sales for this quarter, from October through December 2018, was 1,094.0 billion yen, a 2 percent increase from the same period of the previous fiscal year, due to increased sales in the Energy and Electric Systems and Home Appliances segments.

Consolidated operating income was 75.5 billion yen, an 11 percent decrease from the same period of the previous fiscal year, with decreased profits mainly in the Industrial Automation Systems and Electronic Devices segments.

Income before income taxes decreased by 13 percent compared to the same period of the previous fiscal year to 80.4 billion yen.

Net income attributable to Mitsubishi Electric Corporation stockholders decreased by 10% compared to the same period of the previous fiscal year to 56.4 billion yen.

Forecast for Fiscal 2019 (year ending March 31, 2019)

Considering the financial results for the third quarter of fiscal 2019, lower demand in the Industrial Automation Systems and Electronic Devices segments in the Chinese market and other factors, Mitsubishi Electric’s business performance for fiscal 2019 is expected to fall below the company’s previous forecast. As a result, the company’s consolidated earnings forecast for fiscal 2019, ending March 31, 2019, has been revised from the announcement on October 29, 2018, as stated below.

Exchange rates in the fourth quarter of fiscal 2019 are unchanged from the previous announcement, which are 105 yen to the U.S. dollar, 125 yen to the euro and 16.0 yen to the Chinese yuan.―Business Wire
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