Mitsubishi Electric (OTCMKTS:MIELY) Posts Earnings Results, Beats Estimates By $0.35 EPS

Mitsubishi Electric (OTCMKTS:MIELY) announced its quarterly earnings results on Friday. The company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.35, Zacks reports. The business had revenue of $10.35 billion during the quarter, compared to analysts’ expectations of $9.76 billion.

Mitsubishi Electric Stock Down 5.6%

Shares of MIELY stock opened at $57.99 on Friday. The stock has a market cap of $61.27 billion, a price-to-earnings ratio of 44.27 and a beta of 0.81. The business’s fifty day moving average is $65.64 and its 200 day moving average is $70.60. Mitsubishi Electric has a twelve month low of $50.20 and a twelve month high of $86.00.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MIELY. Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Sanford C. Bernstein started coverage on shares of Mitsubishi Electric in a research note on Tuesday, September 15th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy”.

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japan-based global manufacturer of electrical and electronic equipment. Founded in 1921 and headquartered in Tokyo, the company develops products and systems for infrastructure, industry, mobility, buildings, homes and information technology.

Its offerings include factory automation equipment, industrial robots, power generation and transmission systems, railway and transportation equipment, elevators and escalators, heating and cooling systems, air conditioners, home appliances, automotive components, semiconductors and other electronic devices.