Mitsubishi Electric Corporation (TOKYO:6503) announced today its financial results for the first 9 months and third quarter ended December 31, 2016, of the current fiscal year ending March 31, 2017 (fiscal 2017).

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, 2016 – December 31, 2016)

Net sales:   2,947.1 billion yen   (5% decrease from the same period last year)
Operating income: 175.5 billion yen (15% decrease from the same period last year)
Income before income taxes: 196.1 billion yen (10% decrease from the same period last year)
Net income attributable to

Mitsubishi Electric Corp.:

135.3 billion yen (11% decrease from the same period last year)
 

In the first 9 months of fiscal 2017, the business environment was buoyed by the expanding U.S. economy and gradual recoveries in Japan and Europe, as well as modest improvement in China’s economic slowdown. In addition, the yen became stronger against foreign currencies compared to the previous year, but weakened after the U.S. presidential election in November.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2017 decreased by 5% compared to the same period of the previous fiscal year to 2,947.1 billion yen, with decreased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments. Consolidated operating income decreased by 15% compared to the same period of the previous fiscal year to 175.5 billion yen, due to decreased profits in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments.

 

2. Consolidated Third-quarter Results (October 1, 2016 – December 31, 2016)

Net sales:   974.7 billion yen   (5% decrease from the same period last year)
Operating income: 53.8 billion yen (33% decrease from the same period last year)
Income before income taxes: 72.4 billion yen (15% decrease from the same period last year)
Net income attributable to

Mitsubishi Electric Corp.:

46.9 billion yen

(22% decrease from the same period last year)
 

Consolidated net sales for this quarter, from October through December 2016, was 974.7 billion yen, a 5% decrease from the same period of the previous fiscal year, due primarily to decreased sales in the Energy and Electric Systems and Information and Communication Systems segments.

Consolidated operating income was 53.8 billion yen, a 33% decrease from the same period of the previous fiscal year, with decreased profits in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Home Appliances segments.

Forecast for Fiscal 2017 (year ending March 31, 2017)
The consolidated earnings forecast for fiscal 2017, ending March 31, 2017, has been revised from the previous forecast announced on October 31, 2016, primarily due to improved performance forecast in the Industrial Automation Systems and Electric Devices segments, resulted mainly by the company’s revised terms of foreign currency rates in which it sees the yen weaker in and after the fourth quarter of fiscal 2017.

 

Consolidated Earnings Forecast for Fiscal 2017

Consolidated  

Previous forecast
(announced October 31)

  Current forecast
Net sales: 4,150.0 billion yen 4,200.0 billion yen   (4% decrease from fiscal 2016)
Operating income: 250.0 billion yen 255.0 billion yen   (15% decrease from fiscal 2016)
Income before income taxes: 265.0 billion yen 275.0 billion yen   (14% decrease from fiscal 2016)
Net income attributable to

Mitsubishi Electric Corp.:

  185.0 billion yen   190.0 billion yen   (17% decrease from fiscal 2016)

Exchange rates in and after the fourth quarter of fiscal 2017 have been revised to 110 yen to the US dollar, ten yen weaker than the previous rate, and 115 yen to the euro, five yen weaker.

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 4,394.3 billion yen (US$ 38.8 billion*) in the fiscal year ended March 31, 2016. For more information visit:
www.MitsubishiElectric.com
*At an exchange rate of 113 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2016