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Mitsubishi Electric Announces Consolidated Financial Results for the First 9 Months and Third Quarter of Fiscal 2013

Mitsubishi Electric Corporation (TOKYO: 6503) announced today its financial results for the first 9 months and third quarter ending December 31, 2012, of the current fiscal year ending March 31, 2013 (fiscal 2013).

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, 2012 – December 31, 2012)

   
Net sales: 2,506.8 billion yen (2% decrease from the same period last year)
Operating income: 113.2 billion yen (30% decrease from the same period last year)
Income before income taxes: 25.7 billion yen (84% decrease from the same period last year)
Net income attributable to

Mitsubishi Electric Corp.:

49.1 billion yen (40% decrease from the same period last year)
 

In the first 9 months of fiscal 2013, the business environment continued to be severe, despite the yen becoming weaker toward the end of 2012, with the global economy not showing a clear trend of recovery except for the U.S. and certain steady markets.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2013 decreased by 2% compared to the same period of the previous fiscal year to 2,506.8 billion yen with decreased sales in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Consolidated operating income for the first 9 months of fiscal 2013 decreased by 30% compared to the same period of the previous fiscal year to 113.2 billion yen, mainly due to lower profits in the Industrial Automation Systems, Electronic Devices and Home Appliances segments. Income before income taxes decreased by 84% compared to the same period of the previous fiscal year to 25.7 billion yen largely as a result of recording 75.7 billion yen as a non-operating expense for refund of overcharged expenses to certain parties in the electronic systems business. Net income attributable to Mitsubishi Electric Corporation for the first 9 months of fiscal 2013 decreased by 40% compared to the same period of the previous fiscal year to 49.1 billion yen due to a decrease in tax expenses.

2. Consolidated Third-quarter Results (October 1, 2012 – December 31, 2012)

   
Net sales: 810.8 billion yen (1% decrease from the same period last year)
Operating income: 23.6 billion yen (51% decrease from the same period last year)
Income (loss) before income taxes: (47.0 billion yen)
Net income attributable to

Mitsubishi Electric Corp.:

5.5 billion yen (56% decrease from the same period last year)
 

Consolidated net sales for this quarter decreased by 1% compared to the same period of the previous fiscal year to 810.8 billion yen, with sales decreases in the Energy and Electric Systems, Industrial Automation Systems and Electronic Devices segments. Consolidated operating income decreased by 51% compared to the same period of the previous fiscal year to 23.6 billion yen, due to a decline in income in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments. Income before income taxes recorded a loss of 47.0 billion yen largely as a result of recording 75.7 billion yen as a non-operating expense for refund of overcharged expenses to certain parties in the electronic systems business. Net income attributable to Mitsubishi Electric Corporation for this quarter decreased by 56% compared to the same period of the previous fiscal year to 5.5 billion yen due to a decrease in tax expenses.

Forecast for Fiscal 2013 (year ending March 31, 2013)

The current consolidated earnings forecast for fiscal 2013, ending March 31, 2013, is unchanged from the announcement on December 21, 2012 as stated below.

 

Consolidated earnings forecast for fiscal 2013

  Current forecast
Net sales: 3,520.0 billion yen   (3% decrease from fiscal 2012)
Operating income: 150.0 billion yen (33% decrease from fiscal 2012)
Income before income taxes: 40.0 billion yen (82% decrease from fiscal 2012)
Net income attributable to

Mitsubishi Electric Corp.:

  50.0 billion yen   (55% decrease from fiscal 2012)
 
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 in the full document.
 

About Mitsubishi Electric

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 3,639.4 billion yen (US$ 44.4 billion*) in the fiscal year ended March 31, 2012. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 82 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2012

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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