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Mitsubishi Reports Higher Fiscal Q1 Sales

7/30/2007 02:26:00 PM Eastern

Tokyo — Mitsubishi Electric reported higher sales and net income corporately for its fiscal first quarter, ended June 30, but sales and operating income performance problems in communications and electronic devices.

Companywide net sales were $7.4 billion during the quarter, up 6 percent vs. the same time last year. Operating income was $555.8 million, up 63 percent vs. the same time last year, and net income was up 87 percent to $392.2 million.

Sales in its electronic devices business were among several groups mentioned as driving sales, while double-digit gains in operating income came from energy and electric systems, among others.

For information and communication systems, sales were $1.01 billion, down 14 percent from the same quarter last year while operating income was zero, down $43 million from the same time last year. Decreases in orders for mobile handsets were blamed for the performance due to decreases in the computer platform business, the company said.

In electronic devices, sales were $400.6 million, up 2 percent from the same quarter last year. Operating income was $20.2 million, a $9.3 million decrease from last year. Semiconductor sales were up, but liquid crystal sales were down in both orders and sales from the previous year. 

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