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Mitsubishi CE Segment Sales Jump 11%

4/28/2005 02:29:00 PM Eastern

Tokyo — Ongoing growing sales of DVD-related products, LCD televisions and digital A/V products helped lift 12-month sales 11 percent for the home appliance segment at Mitsubishi Electric. Sales reached $8.2 billion for the year, up from $7.4 billion last year.

Increases in sales boosted operating income for home appliances, which includes Mitsubishi’s consumer electronics selection, to $242.7 million, up from $182.5 million in the previous year.

In Mitsubishi’s electronic devices segment during the 12 months, ended March 31, sales decreased 4 percent, to $1.55 billion, from a year-on-year $1.6 billion. The segment, which includes the company’s liquid crystal business and PC monitors, posted $57.9 million in operating income for the year, compared with the prior-year operating loss of $44.2 million.

The telecommunications equipment business, Mitsubishi’s information and communication systems segment, saw sales drop 10 percent for the year, down to $5.8 billion, from $6.4 billion. Operating income plunged to $2.2 million, from a year-earlier $4.8 million.

Mitsubishi sales to North America were about flat in the 12 months, coming in at $2.05 billion for both the most recent 12 months and the previous year. However, the North American business recorded an operating loss of $9.5 million in the year, down from operating income of $27.6 million in the prior period.

With the United States enjoying economic expansion, tempered by escalating prices of materials and crude oil, Mitsubishi reported a 3 percent gain in consolidated sales for the year, hitting $32.2 billion, up from $31.2 billion year-over-year.

Consolidated operating income dropped from $1.1 billion for the 12 months, down to $875.9 million, while net income slid from $671.8 million, to $423.3 million in the period.

The company did not break out financials for its fiscal fourth quarter.