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Mitsubishi Electric's fiscal Q1 net income falls 17% YOY

Mitsubishi Electric Corp. booked ¥47.58 billion in IFRS net income attributable to shareholders for its fiscal first quarter ended June 30, down about 17% from ¥56.99 billion in the year-ago period.

Basic EPS fell to ¥22.18 during the quarter from ¥26.55 on a yearly basis. The company noted that a buoyant expansion of the U.S. economy, gradual trends of recovery in Japan and Europe, and a slight slowdown in China's economic growth during the quarter, along with the yen's depreciation against the dollar and the euro, were in the backdrop of its earnings in the first quarter of fiscal 2019.

Consolidated net sales for the quarter rose 2% year over year to ¥1.051 trillion from ¥1.034 trillion. The industrial automation systems segment booked nearly ¥361.00 billion in sales while home appliances brought in ¥280.33 billion in sales during the quarter.

Operating income fell 18% to ¥61.59 billion in the quarter from ¥75.49 billion in the prior-year period.

Mitsubishi Electric confirmed its outlook of attributable net income of ¥245.0 billion in the full fiscal year 2019, with net sales of ¥4.500 trillion. The company forecasts operating income of ¥315.0 billion in fiscal 2019.

As of July 27, US$1 was equivalent to ¥111.02.