MITSUBISHI ELEC UNSP/ADR - MIELY STOCK NEWS

Mitsubishi Electric Corporation (TOKYO:6503) reported its financial results for the first nine months and third quarter, which concluded on December 31, 2022. Revenue rose by 12% year-on-year to 3,565.2 billion yen, mainly due to a weaker yen and increased demand across several segments. However, operating profit fell 14% to 163.2 billion yen, driven by rising material costs and increased selling, general, and administrative expenses. Additionally, net profit attributable to stockholders decreased by 6% to 139.3 billion yen. For fiscal 2023, revenue forecasts were revised upward, but profit expectations remain unchanged.

Mitsubishi Electric Corporation is investing 26.7 billion yen (approx. $222.5 million) in its subsidiary, Mitsubishi Electric India Pvt. Ltd., to build a factory for air conditioners and compressors in India.

Production is set to start by October 2025, with an initial capacity of 300,000 outdoor units and 650,000 compressors by December 2025. This move aligns with the company's Advance & Innovation 2025 strategy, targeting sales of 1.26 trillion yen by March 2026.

Mitsubishi Electric will present at CES 2023, focusing on the role of assistive technology in empowering youth with disabilities for workforce training. The Mitsubishi Electric America Foundation (MEAF) has partnered with nonprofits to develop inclusive education programs, addressing the tech skills gap as 2.4 million manufacturing jobs are projected to remain unfilled by 2028. Despite recent improvements, unemployment rates for individuals with disabilities are still twice that of those without. MEAF's initiatives aim to support diverse talent development in high-demand tech sectors.

Mitsubishi Electric showcased its all-electrical heat pump technology at CES 2023 in Las Vegas, emphasizing energy efficiency and reduced carbon emissions. These heat pumps maintain heating capability down to -13°F and are poised to enhance sustainability in the U.S. market. Eligible consumers can benefit from the Inflation Reduction Act of 2022, accessing tax credits for these eco-friendly systems. The move aligns with the company's goal of supporting a decarbonized society and reducing household energy consumption, which is crucial as heating and cooling account for over half of energy use in American homes.

Mitsubishi Electric US has launched the AnyMile drone-based logistics management platform, aimed at enhancing cargo delivery operations across various sectors including healthcare and manufacturing.

Designed for multiple drone types, AnyMile streamlines scheduling, tracking, and maintenance tasks, significantly reducing delivery times. The platform is set for beta testing in summer 2023, coinciding with a projected 55% growth in the drone logistics market by 2030 and $9 billion U.S. investment in drone technology since 2020.

Mitsubishi Electric showcased innovative technologies at CES in Las Vegas, emphasizing sustainability and smart societies. Products aimed at decarbonization and resource optimization were highlighted, including software for Net Zero Energy Buildings and smart manufacturing solutions. The company also focused on well-being through energy-efficient heating and cooling units. Additionally, safety enhancements were demonstrated with the Power-I platform. The Mitsubishi Electric America Foundation presented initiatives supporting youth with disabilities, reinforcing the company's commitment to inclusion.

Mitsubishi Electric Corporation (TOKYO:6503) announced a restructuring of its investor relations (IR) and shareholder relations (SR) functions, effective January 1. This change consolidates IR and SR responsibilities under an Executive Officer, replacing previous management by the Corporate Finance and Administration Divisions. A new Corporate IR and SR Division will be established, reporting directly to the CEO. This initiative aims to enhance stakeholder communication and better incorporate capital-market insights into IR and SR management.

Mitsubishi Electric and Mitsubishi Heavy Industries have announced a basic agreement to establish a joint venture focused on power generator systems, with Mitsubishi Electric expected to be the majority shareholder. This move aims to enhance their market competitiveness in response to increasing electricity demand and the need for carbon-neutral solutions. The collaboration seeks to integrate technologies and assets, advancing the companies' initiatives towards decarbonizing thermal power generation and contributing to a carbon-neutral society.

Mitsubishi Electric Corporation (Tokyo: 6503) announced the launch of two new 70W GaN HEMTs designed for satellite-communication (SATCOM) earth stations on January 15, 2023. These gallium-nitride high-electron-mobility transistors will support multi-carrier and single-carrier communications, enhancing data-transmission capacity and facilitating smaller earth stations in the Low-Ku band. The products cater to growing demands for emergency communications and satellite news gathering, particularly in areas lacking fiber or cable networks.