Mitsubishi Elec sees factory automation sales better by March
TOKYO Oct 31 (Reuters) - Mitsubishi Electric Corp said on Wednesday it expects sales of its factory automation equipment to improve toward the end of the financial year to next March 31.
"We had expected a recovery in the second half of the fiscal year (to March), but that is difficult to expect now," Mitsubishi Electric Executive Officer Hiroki Yoshimatsu told reporters at a news conference on the firm's July-September earnings.
Mitsubishi Electric, which competes with Rockwell Automation Inc, trimmed its sales outlook by 2.7 percent to 3.6 trillion yen ($45.24 billion), mainly due to a slowdown in sales of equipment used to automate factory lines in China. Demand is now weakening in Taiwan and Korea, Yoshimatsu said.
- U.S.'s Kerry expresses regret to India over diplomat case |
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- Mega Millions winners in Georgia, California to split $648 million |
- China confirms near miss with U.S. ship in South China Sea
- Fed cuts bond buying in first step away from historic stimulus |