Mitsubishi Electric Corporation has announced consolidated financial results for the first 9 months and third quarter, ended December 31, 2017, of the current fiscal year ending March 31, 2018 (fiscal 2018).

In the first 9 months of fiscal 2018, from April through December 2017, the global economy saw a stable status in China, a buoyant expansion in the U.S. and gradual trends of recovery in Japan and Europe. In addition, the yen weakened against the U.S. dollar and the euro in and after May compared to the same period of the previous fiscal year, but became stronger against the U.S. dollar after the latter half of November.

Under these circumstances, consolidated net sales for the first 9 months of fiscal 2018 increased by 6 percent compared to the same period of the previous fiscal year to 3,115.0 billion yen due primarily to increased sales in the Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Home Appliances segments.

Consolidated operating income increased by 32 percent compared to the same period of the previous fiscal year to 232.4 billion yen, due to increased profits in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems and Electronic Devices segments.

Income before income taxes increased by 41 percent compared to the same period of the previous fiscal year to 277.2 billion yen, due primarily to an increased operating income, recording a gain from sales of investment securities in Renesas Electronics Corporation, and an improvement of exchange gains and losses.

Net income attributable to Mitsubishi Electric Corporation increased by 43 percent compared to the same period of the previous fiscal year to 193.1 billion yen.

Consolidated net sales for this quarter, from October through December 2017, was 1,038.6 billion yen, a 7 percent increase from the same period of the previous fiscal year, due to increased sales in all segments.

Consolidated operating income was 83.1 billion yen, an increase of 54 percent from the same period of the previous fiscal year, with increased profits in the Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Electronic Devices and Home appliances segments.

Income before income taxes increased by 27 percent compared to the same period of the previous fiscal year to 91.9 billion yen due primarily to an increased operating income despite a decrease of gain on foreign exchange in the same period of the previous fiscal year.

Net income attributable to Mitsubishi Electric Corporation increased by 32 percent compared to the same period of the previous fiscal year to 61.9 billion yen. – Business Wire