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Mitsubishi CE Segment Sales Up 2%

2/02/2005 10:30:00 AM Eastern

Tokyo — An increase in sales of DVD-related products, LCD televisions and other digital A/V products helped deflect a decrease in sales of CRT color TVs, enabling the home appliance segment at Mitsubishi Electric record a fiscal third-quarter revenue increase of 2 percent to $1.91 billion from a year-ago $1.86 billion.

With the increased sales, operating income for the three months rose to $89.6 million, from $71.6 million, for this primarily consumer electronics products segment.

In Mitsubishi’s electronic devices segment during the third quarter, ended Dec. 31, both orders and sales decreased from the same three months in 2003 for its liquid crystal business. Despite increased sales for small- and medium-sized products for use in displays in industrial and mobile handsets, there was a decrease in sales of large commodity-type models for PC monitors. Overall segment sales rose 11 percent to $383.9 million from $347.1 million, while earnings reached $4.5 million, up from an operating loss of $12.3 million the previous year.

A drop in orders and sales of mobile handsets, especially in the Japanese market, led to a 20 percent drop in third-quarter sales for Mitsubishi’s information and communication systems segment. Sales were $1.1 billion, down from a year-on-year $1.4 billion, while segment operating income was under $1 million for the quarter, compared with $27.7 million a year earlier.

Consolidated Mitsubishi sales for the three months were about flat, coming in at $7.18 billion, compared with a year-ago $7.20 billion. Operating income climbed 6 percent to $277.8 million from $263.4 million, while net income jumped 55 percent to $165 million from $106.1 million.

For the nine months, consolidated sales edged upward 2 percent to $22.7 billion from $22.3 billion, while operating income soared 83 percent to $694.6 million from $380.1 million. Net income more than doubled, to $349.2 million from $142.8 million.