Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2014

Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2014

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first quarter ending June 30, 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

 

Consolidated Financial Results

Net sales: 834.8 billion yen (7% increase from the same quarter last year)
Operating income:34.1billion yen(27% decrease from the same quarter last year)
Income before income taxes:42.6billion yen(11% decrease from the same quarter last year)
Net income attributable to Mitsubishi Electric Corp.:25.4billion yen(16% decrease from the same quarter last year)

In the first quarter of the fiscal year 2014, the business environment made slow recovery owning to steady economic trends both in Japan and in the U.S., as well as the weaker yen, despite the economic downturn in Europe, and slower rates of economic growth in the Chinese market.

Under these circumstances, in the first quarter consolidated net sales increased by 7% compared to the same period of the previous fiscal year to 834.8 billion yen, due to such factors as increased sales in all segments. Consolidated operating income decreased by 27% compared to the same period of the previous fiscal year to 34.1 billion yen, due to lower profits in the Energy and Electric Systems, Industrial Automation Systems, and Information and Communication Systems segments.

Forecast for Fiscal 2014

The consolidated earnings forecast for the first half of fiscal 2014, ending September 30, 2013, and for fiscal 2014, ending March 31, 2014, are unchanged from the announcement released on April 30, 2013 as stated below.

 

First Half of Fiscal 2014 Consolidated Earnings Forecast

Net sales: 1,780.0 billion yen (5% increase from the same period last year)
Operating income:70.0 billion yen(22% decrease from the same period last year)
Income before income taxes:60.0 billion yen(18% decrease from the same period last year)
Net income attributable to

Mitsubishi Electric Corp.:

 35.0 billion yen (20% decrease from the same period last year)
 

Fiscal 2014 Consolidated Earnings Forecast

Net sales: 3,810.0 billion yen (7% increase from the previous fiscal year)
Operating income:205.0 billion yen(35% increase from the previous fiscal year)
Income before income taxes:185.0 billion yen(184% increase from the previous fiscal year)
Net income attributable to

Mitsubishi Electric Corp.:

 110.0 billion yen (58% increase from the previous fiscal year)
 
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 at the end.
 

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



Mitsubishi Electric Corporation
Investor Relations Inquiries
Investor Relations Group
Corporate Finance Division
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
or
Media Inquiries
Arisa Mori, +81-3-3218-2810
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/

KEYWORDS:   Asia Pacific  Japan

INDUSTRY KEYWORDS:

The article Mitsubishi Electric Announces Consolidated Financial Results for the First Quarter of Fiscal 2014 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.