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Mitsubishi Electric raises 2018 outlook as quarterly profit jumps 32%

Mitsubishi Electric Corp. posted a 32% jump in net income for the third quarter of fiscal 2018 to ¥61.99 billion from ¥47.00 billion in the year-ago period.

Basic earnings came in at ¥28.99 per share in the quarter, up from ¥21.90 per share in the previous year.

Net sales for the quarter ending Dec. 31, 2017, rose to ¥1.039 trillion from ¥974.76 billion in the prior year. Mitsubishi Electric's operating profit for the quarter reached ¥83.11 billion from ¥53.83 billion in the previous year.

For the nine months ending Dec. 31, 2017, net income was ¥193.12 billion, up from ¥135.34 billion in the prior-year period. Nine-month net sales reached ¥3.115 trillion in fiscal 2018, from ¥2.947 trillion in fiscal 2017.

Mitsubishi Electric raised its net income guidance for the full fiscal year 2018 to ¥265.0 billion from its previous outlook of ¥250.0 billion, citing a weaker yen and high demand for its Industrial Automation Systems segment. The company is now anticipating net sales of ¥4.420 trillion for fiscal 2018, with operating income of ¥325.0 billion.

As of Feb. 1, US$1 was equivalent to ¥109.45.