Mitsubishi Electric Q2 Profit Down; Cuts FY19 Earnings View, Lifts Sales Outlook

(RTTNews) - Mitsubishi Electric Corp. (MIELF.PK, MIELY.PK) reported Monday that its second-quarter net income attributable to stockholders decreased 14% from last year to 54.7 billion Japanese yen.

Consolidated operating income was 64.3 billion yen, down 17%, with decreased profits in the Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home Appliances segments.

Consolidated net sales for this quarter, however, grew 4 percent from last year to 1.12 trillion yen, due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Home Appliances segments.

The company noted that the global economy in the first half of fiscal 2019 saw a slight slowdown in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, from August, the yen weakened against the U.S. dollar and appreciated against the euro compared to the same period of the previous fiscal year.

Looking ahead, for fiscal year 2019, the company now expects attributable net income of 240 billion yen, operating income of 305 billion yen and net sales of 4.51 trillion yen.

The company previously expected attributable net income of 245 billion yen, operating income of 315 billion yen and net sales of 4.50 trillion yen.

From the previous year, the net income would be down 6 percent, operating income would be down 7 percent, while net sales would be up 1 percent.

Earlier, net income and operating income were expected to be down 4 percent.

Income is expected to fall below the previous forecast in the Industrial Automation Systems and Electronic Devices segments.

In Japan, Mitsubishi Electric shares were trading at 1,324 yen, up 1.22 percent.
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