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Mitsubishi Electric announces difference between earnings forecast and actual results for first half of, and revises earnings forecast for, Fiscal 2015 (April 1, 2014-March 31, 2015)

Mitsubishi Electric Corporation (TOKYO: 6503) announced today the difference between its consolidated earnings forecast previously announced on July 30, 2014 and the actual results for the first half of the current fiscal year, from April 1, 2014 ended September 30, 2014. The company has also revised its consolidated earnings forecast for fiscal 2015, from April … Continued

Mitsubishi Electric Corporation (TOKYO: 6503) announced today the difference between its consolidated earnings forecast previously announced on July 30, 2014 and the actual results for the first half of the current fiscal year, from April 1, 2014 ended September 30, 2014. The company has also revised its consolidated earnings forecast for fiscal 2015, from April 1, 2014 ending March
31, 2015.

Difference of Earnings Forecast and Result for First Half of Fiscal 2015                      (In millions of yen)

 

 

Net Sales

 

 

Operating income

 

 

Income before income taxes

 

Net income attributable to Mitsubishi Electric Corp.

Basic net income per share attributable to Mitsubishi Electric Corp.

Previousforecast (A) 1,980,000 100,000 110,000 80,000 37.26yen
Actualresults (B) 1,972,838 121,391 145,926 97,854 45.58yen
Differential (B-A) (7,162) 21,391 35,926 17,854
Differential ratio(%) (0.4%) 21.4% 32.7% 22.3%
  1. Fiscal 2014 firsthalf actual results
 

1,811,899

 

79,730

 

83,420

 

48,344

 

22.52yen

The consolidated income figures for the first half of fiscal 2015 exceeded the previous forecast, with an increase in operating income owing mainly to increases in the Home Appliances segment, which showed growth in air conditioners for markets inside and outside Japan, and the Industrial Automation Systems segment, which experienced buoyant demand in capital expenditures for smartphone and automotive related investments. Income before income taxes and net income attributable to Mitsubishi Electric Corporation also exceeded the previous forecast, owing additionally to increased gain on foreign exchange due to the yen weakening towards the end of the second fiscal quarter. Net sales for the first half of fiscal 2015, meanwhile, fell below the previous forecast due to delays in large projects and other factors.

Revised Forecast for Fiscal 2015 (April 1, 2014 – March 31, 2015)                                (In millions of yen)

 

 

Net Sales

 

 

Operating income

 

 

Income before income taxes

 

Net income attributable to Mitsubishi Electric Corp.

Basic net income per share attributable to Mitsubishi Electric Corp.
Previous forecast (A) 4,220,000 260,000 260,000 175,000 81.51yen
Revised forecast (B) 4,220,000 275,000 285,000 190,000 88.50yen
Differential (B-A) 15,000 25,000 15,000
Differential ratio(%) 5.8% 9.6% 8.6%
  1. Fiscal 2014 actual results
 

4,054,359

 

235,172

 

248,990

 

153,473

71.49yen

The consolidated earnings forecast for fiscal 2015, ending March 31, 2015, has been revised from the previous forecast announced on July 30, 2014, with operating income and other figures expected to exceed the previous forecast, owing mainly to increases in the Industrial Automation Systems and the Home Appliances segments.

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 below.

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