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Sino-American Silicon (SAS) and its semiconductor subsidiary, GlobalWafers, jointly announced their monthly revenues for January 2024. SAS reported a consolidated revenue of NT$ 6.17 billion, reflecting a year-on-year decrease of 7.3%, while GlobalWafers reported a consolidated revenue of NT$ 4.4 billion, indicating a year-on-year decrease of 25.9%.
The primary reasons for the decline in January revenue compared to the same period last year can be attributed to various factors. Firstly, the impact of the Noto Peninsula earthquake in Japan on January 1st resulted in a delay in the shipment of certain products from GlobalWafers’ Japanese subsidiary, with shipments rescheduled to early February.
Secondly, GlobalWafers adjusted its shipment plans for January and February to the end of the first quarter in response to customers’ inventory adjustments. Additionally, being positioned in the upstream of the semiconductor industry, the expected recovery timeline for wafer phase is anticipated to be one to two quarters later than downstream, as the majority of customers are still actively reducing existing inventory in the first quarter, with limited increases in capacity utilization.
According to the prevailing market sentiment, it is anticipated that the semiconductor industry will experience a more pronounced recovery in the second half of the year. We will proactively adjust production capacity and collaborate closely with customers to align with their recovery pace, ensuring a consistent and stable supply to meet customer demand.
Original – GlobalWafers
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Diotec Semiconductor introduced SIT10C065 and SIT12C065 650 V single diodes in TO-220AC package. They offer 10 A and 12 A of average forward current. Both are ideally suited for high voltage / high frequency switching circuits, such as Power Factor Correction (PFC), high efficient solar inverters or data server power supplies.
Both devices feature a high reverse voltage of 650 V combined with an extremely low “reverse recovery” capacitive charge and thus discharging time. That makes it ideally suited for all applications, where high voltage levels are switched at very high frequencies.
Features
- High reverse voltage
- Almost zero switching losses
- Low reverse leakage current
- High efficiency high frequency switching
- Single diodes in industry standard case outline
Applications
- Solar inverters
- Data server power supplies
- Power Factor Correction (PFC)
Specifications
- 10 A /12 A average forward current (IFAV)
- 650 V repetitive reverse voltage (VRRM)
- Typical forward voltage 1.7 V at 10 A and 175°C (VF)
- Typical forward voltage 1.75 V at 12 A and 175°C (VF)
- Typical reverse leakage 20 µA at 650 V and 175°C (IR)
- Total capacitive charge 28 nC at 400 V, 10 A, 200 A/µs [QC)
- TO-220AC case outline
Original – Diotec Semiconductor
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Infineon Technologies AG reported results for the first quarter of the 2024 fiscal year (period ended 31 December 2023).
“In the prevailing difficult macroeconomic climate, Infineon is proving robust,” says Jochen Hanebeck, CEO of Infineon. “In consumer, communication, computing and IoT applications, we are not anticipating a noticeable recovery in demand until the second half of the calendar year. Our expectations for the automotive sector remain virtually unchanged from November, despite a slowdown in demand in electromobility outside China. As a company, we are consistently adapting to this situation, so that we meet our financial targets for the current fiscal year. At the same time, we remain committed to our major investments for the future, as we want to exploit the long-term growth opportunities arising from decarbonization and digitalization.”
For the full version of this news release (incl. financial data), please download the PDF version:
- Q1 FY 2024: Revenue €3.702 billion, Segment Result €831 million, Segment Result Margin 22.4 percent.
- Outlook for FY 2024: Based on an assumed exchange rate of US$1.10 to the euro, (previously US$1.05), Infineon now expects to generate revenue of around €16 billion plus or minus €500 million, with a Segment Result Margin in the low to mid-twenties percentage range at the mid-point of the guided revenue range. Adjusted gross margin should be in the low to mid-forties percentage range. Investments were now reduced to approximately €2.9 billion. Free Cash Flow adjusted for major investments in frontend buildings and the acquisition of GaN Systems should be around €1.8 billion and reported Free Cash Flow around €200 million. RoCE at about 11 percent expected.
- Outlook for Q2 FY 2024: Based on an assumed exchange rate of US$1.10 to the euro, revenue of around €3.6 billion expected. On this basis, the Segment Result Margin is forecast to be at about 18 percent.
Original – Infineon Technologies
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Leapers Semiconductor introduced a new 62 mm package SiC module product portfolio, achieving top-tier performance in the industry. The modules adopt the widely used 62 mm module half-bridge topology design in the industrial field, using high-quality mature chips. It boasts high voltage resistance, outstanding power density, high short-circuit tolerance, and a temperature coefficient 1.4 times better than industry standards.
The 62 mm SiC modules include voltage resistance specifications of 1200V and 1700V, meeting the demands of high-power applications, especially suitable for applications in the smart grid, rail transit, energy storage, and power supplies.
Because of the use of leading-edge chip solutions in the industry and the application of low thermal resistance and low stray capacitance packaging technology, along with the use of Si3N4 AMB low thermal resistance substrate, Leapers’ 62 mm SiC product excels in power density, short-circuit current withstand capability, thermal resistance, and other capabilities. Particularly under high junction temperature conditions, the module’s conduction and switching losses significantly outperform industry standards.
Technical Features:- Voltage resistance options: 1200V or 1700V
- Outstanding current output capability
- Temperature coefficient index better than industry standards
- Low losses, excellent short-circuit current withstand capability
- Si3N4 AMB, low thermal resistance
Currently, Leapers 62 mm SiC modules have undergone bench tests and received orders, involving applications such as grid inverters and auxiliary inverters for rail transit vehicles. Downstream customers include domestic power grid and overseas rail transit enterprises.Original – Leapers Semiconductor
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VMAX, a leading Chinese manufacturer of power electronics and motor drives for new energy vehicles, has selected the new CoolSiC™ hybrid discrete with TRENCHSTOP™ 5 Fast-Switching IGBT and CoolSiC Schottky Diode from Infineon Technologies AG for its next generation 6.6 kW OBC/DCDC on-board chargers.
Infineon’s components come in a D²PAK package and combine ultra-fast TRENCHSTOP 5 IGBTs with half-rated free-wheeling SiC Schottky barrier diodes to achieve a perfect cost-performance ratio for both hard and soft switching topologies. With their superior performance, optimized power density and leading quality, the power devices are ideally suited for VMAX’s on-board chargers.
“We are proud to choose Infineon’s CoolSiC Hybrid device in our next-generation OBC, achieving higher reliability, stability, improved performance, and power density. This deepens our already strong partnership with Infineon and drives technological application innovation through close collaboration, working together to promote the thriving development of new energy vehicles,” said Jinzhu Xu, PL Director& Chief Engineer, R&D Department at VMAX.
“We are excited to strengthen our partnership with VMAX with our highly efficient hybrid products,” said Robert Hermann, Vice President for Automotive High Voltage Chips and Discretes at Infineon. “Together, we will continue to drive e-mobility advancements, providing efficient solutions that meet the requirements of the industry in terms of performance, quality and system cost.”
With its fast, hard switching TRENCHSTOP 5 650 V IGBT co-packed with zero reverse recovery CoolSiC Schottky diode, the hybrid discrete benefits from very low switching losses at switching speeds above 50 kHz. This makes the device an excellent option for high-power electric vehicle charging systems.
In addition, the robust 5 th generation CoolSiC Schottky diode offers increased robustness against surge currents, maximizing reliability. Furthermore, the diffusion soldering of the SiC diode has improved the thermal resistance (R th) to the package for small chip sizes, resulting in increased power switching capability.
With these features, it enables optimum system reliability and longevity, meeting the stringent requirements of the automotive industry. To further maximize compatibility with existing designs, the product also features a pin-to-pin compatible design based on the widely used D²PAK package.
Original – Infineon Technologies
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onsemi announced its fourth quarter and fiscal year 2023 results with the following highlights:
- Fourth quarter revenue of $2,018.1 million
- Fourth quarter GAAP and non-GAAP gross margin of 46.7%
- GAAP operating margin and non-GAAP operating margin of 30.3% and 31.6%, respectively
- GAAP diluted earnings per share and non-GAAP diluted earnings per share of $1.28 and $1.25, respectively
- Full year 2023 record automotive revenue of $4.3 billion increased 29% year-over-year
- Full year 2023 share repurchases of $564 million, representing 140% of free cash flow
“Our momentum continued this past year as we achieved record automotive revenue and 4x year-over-year growth in silicon carbide revenue. We continue to transform the business by building resilience into our model, enabling us to navigate uncertain market conditions and deliver more predictable and sustainable results,” said Hassane El-Khoury, president and chief executive officer of onsemi.
“Our consistent performance has validated our long-term strategy. Looking ahead, we are driving innovation beyond silicon and silicon carbide with our upcoming analog and mixed signal platform to further our leadership in intelligent power and sensing solutions.”
Original – onsemi
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Mitsubishi Electric Corporation announced its consolidated financial results for the first 9 months and third quarter, ended December 31, 2023, of the current fiscal year ending March 31, 2024 (fiscal 2024).
Consolidated First 9 Months Results (April 1, 2023 – December 31, 2023)
Revenue: 3,782.4 billion yen (6% increase year-on-year) Operating profit: 222.3 billion yen (36% increase year-on-year) Profit before income taxes: Net profit attributable to 249.0 billion yen (32% increase year-on-year) Mitsubishi Electric Corp. stockholders: 186.0 billion yen (34% increase year-on-year) The economy in the first 9 months of fiscal 2024, from April through December 2023, continued to see moderate recovery in Japan, however, recovery in consumer spending and capital expenditures came to a standstill recently. In the U.S., the economy continued to see recovery primarily in consumer spending despite monetary tightening and other factors. In China, the economy showed weakness in recovery due to sluggish export as well as slower domestic demand resulting from the real estate recession and other factors. In Europe, there were slowdowns in the corporate and household sectors due primarily to monetary tightening.
Revenue
Revenue increased by 217.1 billion yen year-on-year to 3,782.4 billion yen due primarily to the weaker yen and price hike. The Life segment saw an increase in the building systems business in Asia (excluding China), Japan and Europe, and the air conditioning systems & home products business also increased primarily in the first half of fiscal 2024 due to robust demand for air conditioners.
The Industry & Mobility segment saw a decrease in the factory automation systems business due mainly to a decline in demand for digital equipment and for products in the decarbonization area such as lithium-ion batteries, while the automotive equipment business saw increases primarily in electric vehicle-related equipment and electrical components.
In the Infrastructure segment, the public utility systems business saw increases in the transportation systems and public utility businesses worldwide. The energy systems business saw increases in the power distribution business worldwide and the power generation business outside Japan, and the defense & space systems business also increased due to large-scale projects for the defense systems and space systems businesses.
The Semiconductor & Device segment increased due to robust demand for power modules. The Business Platform segment saw increases in the system integrations and IT infrastructure service businesses.
Operating profit
Operating profit increased by 59.1 billion yen year-on-year to 222.3 billion yen due to increases in the Life, Industry & Mobility, Infrastructure and Business Platform segments, despite a decrease in the Semiconductor & Device segment. Operating profit ratio improved by 1.3 points year-on-year to 5.9% due mainly to an improvement in cost ratio.
The cost ratio improved by 1.9 points year-on-year due primarily to the weaker yen and price hike. Selling, general and administrative expenses increased by 66.4 billion yen year-on-year, and the selling, general and administrative expenses to revenue ratio deteriorated by 0.4 points year-on-year. Other profit (loss) decreased by 6.1 billion yen year-on-year, and other profit (loss) to revenue ratio deteriorated by 0.2 points year-on-year.
Profit before income taxes
Profit before income taxes increased by 59.9 billion yen year-on-year to 249.0 billion yen due primarily to an increase in operating profit. The profit before income taxes to revenue ratio was 6.6%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 46.7 billion yen year-onyear to 186.0 billion yen due mainly to an increase in profit before income taxes. The net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 4.9%.
Consolidated Financial Results by Business Segment (First 9 Months, Fiscal 2024)
Infrastructure
Revenue: 659.7 billion yen (7% increase year-on-year; recorded 614.6 billion yen) Operating profit: 2.1 billion yen (14.4 billion yen improvement year-on-year; recorded a loss of 12.2 billion yen) The market for the public utility systems business continued to see recovery in the global demand for the transportation systems area and robust investment in the public utility area worldwide. In this environment, orders won by the business increased year-on-year due primarily to increases in the transportation systems business worldwide and the public utility business outside Japan. Revenue also increased year-on-year due primarily to the weaker yen and increases in transportation systems and public utility businesses worldwide.
The market for the energy systems business continued to see capital expenditures of power companies in Japan and robust demand mainly for power supply stabilization worldwide in the expansion of renewable energy. In this environment, orders won by the business increased year-on-year due primarily to increases in the power generation business in Japan and the power distribution business worldwide. Revenue also increased year-on-year due primarily to the weaker yen and increases in the power distribution business worldwide and the power generation business outside Japan.
The defense & space systems business saw an increase in orders year-on-year due to an increase in large-scale projects for the defense systems business. Revenue also increased year-on-year due to an increase in largescale projects for the defense systems and space systems businesses.
As a result, revenue for this segment increased by 7% year-on-year to 659.7 billion yen. Operating profit improved by 14.4 billion yen year-on-year to 2.1 billion yen due primarily to a shift in project portfolios and the deterioration in profitability in the defense & space systems business in the previous fiscal year.
Industry & Mobility
- Revenue: 1,272.8 billion yen (5% increase year-on-year; recorded 1,212.2 billion yen)
- Operating profit: 94.7 billion yen (16.3 billion yen increase year-on-year; recorded 78.4 billion yen)
The market for the factory automation systems business saw a decrease in global demand for digital equipment such as semiconductors as well as for the decarbonization area such as lithium-ion batteries. In this environment, the business saw decreases in both orders and revenue year-on-year.
The market for the automotive equipment business saw a year-on-year increase in sales of new cars due mainly to an improvement in the supply of some semiconductor parts, and robust demand primarily for electric vehicle-related equipment in line with the expansion of the market centering on electric vehicles. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to increases in electric vehicle-related equipment such as motors and inverters, electrical components and advanced driver assistance system (ADAS)-related products in addition to the weaker yen and price hike.
As a result, revenue for this segment increased by 5% year-on-year to 1,272.8 billion yen. Operating profit increased by 16.3 billion yen year-on-year to 94.7 billion yen due primarily to the weaker yen and price hike, despite a shift in product mix, increased costs and other factors.
Life
Revenue: 1,519.4 billion yen (6% increase year-on-year; recorded 1,430.6 billion yen) Operating profit: 104.4 billion yen (33.6 billion yen increase year-on-year; recorded 70.7 billion yen) The market for the building systems business continued to see recovery in the global demand. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to the weaker yen and increases in Asia (excluding China), Japan and Europe.
The market for the air conditioning systems & home products business saw robust global demand for air conditioners due to decarbonization trends worldwide mainly in the first half of fiscal 2024. In this environment, the business saw an increase in revenue year-on-year due mainly to the weaker yen and price hike in addition to an increase in air conditioners in Europe and Asia.
As a result, revenue for this segment increased by 6% year-on-year to 1,519.4 billion yen. Operating profit increased by 33.6 billion yen year-on-year to 104.4 billion yen due primarily to the weaker yen, price hike and an improvement of logistics costs.
Business Platform
Revenue: 96.3 billion yen (5% increase year-on-year; recorded 91.4 billion yen) Operating profit: 5.4 billion yen (0.1 billion yen increase year-on-year; recorded 5.2 billion yen) The market for the information systems & network service business saw robust demand due to updates to legacy systems and digital transformation-related efforts. In this environment, the business saw an increase in orders due to increases in the system integrations and IT infrastructure service businesses. Revenue also increased by 5% year-on-year to 96.3 billion yen.
Operating profit increased by 0.1 billion yen year-on-year to 5.4 billion yen due mainly to an increase in revenue.
Semiconductor & Devices
- Revenue: 214.3 billion yen (3% increase year-on-year; recorded 208.8 billion yen)
- Operating profit: 24.6 billion yen (1.0 billion yen decrease year-on-year; recorded 25.7 billion yen)
The market for the semiconductor & device business saw robust demand for power modules used in railway & power transmission applications. In this environment, the business saw an increase in orders year-on-year due mainly to an increase in power modules used in railway & power transmission applications. Revenue for this segment also increased by 3% year-on-year to 214.3 billion yen due mainly to the weaker yen and an increase in power modules used in industrial and railway & power transmission applications.
Operating profit decreased by 1.0 billion yen year-on-year to 24.6 billion yen due mainly to increased costs.
Others
Revenue: 615.6 billion yen (1% increase year-on-year; recorded 609.4 billion yen) Operating profit: 21.9 billion yen (1.5 billion yen decrease year-on-year; recorded 23.4 billion yen) Revenue increased by 1% year-on-year to 615.6 billion yen due primarily to increases in materials procurement and software. Operating profit decreased by 1.5 billion yen year-on-year to 21.9 billion yen due mainly to a shift in project portfolios.
Consolidated Third-quarter Results (October 1, 2023 – December 31, 2023)
Revenue: 1,243.9 billion yen (1% increase year-on-year) Operating profit: 86.4 billion yen (5% increase year-on-year) Profit before income taxes: Net profit attributable to 89.2 billion yen (4% increase year-on-year) Mitsubishi Electric Corp. stockholders: 65.8 billion yen (2% increase year-on-year) Revenue
Revenue increased by 18.2 billion yen year-on-year to 1,243.9 billion yen due primarily to the weaker yen and price hike. In the Infrastructure segment, the public utility systems business saw an increase in the public utility business worldwide. The energy systems business saw increases in the power distribution business worldwide and the power generation business outside Japan, and the defense & space systems business also increased due to large-scale projects for the defense systems business.
The Industry & Mobility segment saw a decrease in the factory automation systems business due mainly to a decline in demand for digital equipment and for products in the decarbonization area such as lithium-ion batteries, while the automotive equipment business increased due to robust demand primarily for electric vehicle-related equipment and electrical components. The Business Platform segment saw increases in the system integration and IT infrastructure service businesses.
The Semiconductor & Device segment remained substantially unchanged year-on-year. The Life segment saw an increase in the building systems business in Japan, Asia (excluding China) and North America, while the air conditioning systems & home products business decreased due to a decline in demand for air conditioners.
Operating profit
Operating profit increased by 3.7 billion yen year-on-year to 86.4 billion yen due to increases in the Industry & Mobility, Infrastructure and Business Platform segments despite decreases in the Life and Semiconductor & Device segments. Operating profit ratio improved by 0.3 points year-on-year to 7.0% due mainly to an improvement in cost ratio.
The cost ratio improved by 1.4 points year-on-year due primarily to the weaker yen and price hike. Selling,
general and administrative expenses increased by 17.4 billion yen year-on-year, and the selling, general and administrative expenses to revenue ratio deteriorated by 1.1 points year-on-year. Other profit (loss) decreased by 2.2 billion yen year-on-year, and other profit (loss) to revenue ratio remained substantially unchanged year-on-year.
Profit before income taxes
Profit before income taxes increased by 3.2 billion yen year-on-year to 89.2 billion yen due primarily to an increase in operating profit. The profit before income taxes to revenue ratio was 7.2%.
Net profit attributable to Mitsubishi Electric Corporation stockholders
Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 1.3 billion yen year-onyear to 65.8 billion yen due mainly to an increase in profit before income taxes. The net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 5.3%.
Consolidated Financial Results by Business Segment (Third Quarter, Fiscal 2024)
Infrastructure
Revenue: 233.5 billion yen (10% increase year-on-year; recorded 212.6 billion yen) Operating profit: 11.0 billion yen (7.9 billion yen increase year-on-year; recorded 3.1 billion yen) The market for the public utility systems business continued to see recovery in the global demand for the transportation systems area and robust investment in the public utility area worldwide. In this environment, orders won by the business increased year-on-year due primarily to increases in the transportation systems business worldwide and the public utility business outside Japan. Revenue also increased year-on-year due primarily to the weaker yen and an increase in the public utility business worldwide.
The market for the energy systems business continued to see capital expenditures of power companies in Japan and robust demand primarily for power supply stabilization worldwide in the expansion of renewable energy. In this environment, orders won by the business decreased year-on-year due primarily to a decrease in the power generation business outside Japan, while revenue increased year-on-year due primarily to the weaker yen and increases in the power distribution business worldwide and the power generation business outside Japan.
The defense & space systems business saw increases in both orders and revenue year-on-year due to an increase in large-scale projects for the defense systems business. As a result, revenue for this segment increased by 10% year-on-year to 233.5 billion yen. Operating profit increased by 7.9 billion yen year-on-year to 11.0 billion yen due primarily to a shift in project portfolios and an increase in revenue.
Industry & Mobility
Revenue: 429.0 billion yen (3% increase year-on-year; recorded 417.2 billion yen) Operating profit: 44.8 billion yen (10.4 billion yen increase year-on-year; recorded 34.4 billion yen) The market for the factory automation systems business saw a decrease in global demand for digital equipment such as semiconductors as well as for the decarbonization area such as lithium-ion batteries. In this environment, the business saw decreases in both orders and revenue year-on-year.
The market for the automotive equipment business saw a year-on-year increase in sales of new cars due mainly to an improvement in the supply of semiconductor parts, and robust demand primarily for electric vehicle-related equipment in line with the expansion of the market centering on electric vehicles. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to increases in electric vehicle-related equipment such as motors and inverters, electrical components and ADAS-related products in addition to the weaker yen and price hike.
As a result, revenue for this segment increased by 3% year-on-year to 429.0 billion yen. Operating profit in the factory automation systems business decreased due mainly to a decrease in revenue, while operating profit in the automotive equipment business improved due primarily to an increase in revenue and the price hike. As a result, operating profit for this segment increased by 10.4 billion yen yearon-year to 44.8 billion yen.
Life
Revenue: 472.2 billion yen (4% decrease year-on-year; recorded 490.4 billion yen) Operating profit: 25.8 billion yen (10.8 billion yen decrease year-on-year; recorded 36.6 billion yen) The market for the building systems business continued to see recovery in the global demand. In this environment, the business saw increases in both orders and revenue year-on-year due primarily to the weaker yen and increases in Japan, Asia (excluding China) and North America.
The market for the air conditioning systems & home products business saw a decrease in demand for air conditioners mainly in Europe and North America due primarily to stagnation in capital expenditures and housing starts. In this environment, the business saw a decrease in revenue year-on-year due mainly to a decrease in air conditioners in North America and Europe.
As a result, revenue for this segment decreased by 4% year-on-year to 472.2 billion yen. Operating profit decreased by 10.8 billion yen year-on-year to 25.8 billion yen due primarily to a decrease in revenue.
Business Platform
Revenue: 30.5 billion yen (5% increase year-on-year; recorded 29.0 billion yen) Operating profit: 1.5 billion yen (Substantially unchanged year-on-year; recorded 1.4 billion yen) The market for the information systems & network service business saw robust demand due to updates to legacy systems and digital transformation-related efforts. In this environment, the business saw a decrease in orders year-on-year due mainly to a decrease in the system integrations business, while revenue increased by 5% year-on-year to 30.5 billion yen due to increases in the system integrations and IT infrastructure service businesses.
Operating profit remained substantially unchanged year-on-year to 1.5 billion yen due mainly to a shift in project portfolios.
Semiconductor & Devices
- Revenue: 69.8 billion yen (1% decrease year-on-year; recorded 70.5 billion yen)
- Operating profit: 8.2 billion yen (2.6 billion yen decrease year-on-year; recorded 10.9 billion yen)
The market for the semiconductor & device business saw an increase in demand for power modules used in railway & power transmission applications, while demand for power modules used in consumer applications decreased. In this environment, the business saw a decrease in orders year-on-year due mainly to a decrease in power modules used in industrial and consumer applications, and revenue for this segment also decreased by 1% year-on-year to 69.8 billion yen.
Operating profit decreased by 2.6 billion yen year-on-year to 8.2 billion yen due mainly to a decrease in revenue and increased costs.
Others
Revenue: 207.0 billion yen (1% decrease year-on-year; recorded 209.7 billion yen) Operating profit: 8.3 billion yen (Substantially unchanged year-on-year; recorded 8.3 billion yen) Revenue decreased by 1% year-on-year to 207.0 billion yen due primarily to a decrease in logistics. Operating profit remained substantially unchanged year-on-year to 8.3 billion yen due mainly to a shift in project portfolios.
Financial Standing
An analysis on the status of assets, liabilities and equity on a consolidated basis
Total assets as of the end of this fiscal quarter increased by 212.6 billion yen compared to the end of the previous fiscal year to 5,795.2 billion yen. The change in balance of total assets was mainly attributable to increases in inventories by 129.1 billion yen and other financial assets by 101.3 billion yen.
Inventories increased due primarily to the weaker yen and a change in demand for the Industry & Mobility and Life segments as well as progress in job orders under pertinent contracts.
Total liabilities increased by 42.2 billion yen compared to the end of the previous fiscal year to 2,261.5 billion yen due primarily to an increase in bonds, borrowings and lease liabilities by 163.3 billion yen, despite a decrease in trade payables by 84.6 billion yen. Bonds and borrowings increased by 168.1 billion yen compared to the end of the previous fiscal year to 420.3 billion yen, with the ratio of bonds and borrowings to total assets recording 7.3%, representing a 2.8 point increase compared to the end of the previous fiscal year.
Mitsubishi Electric Corporation stockholders’ equity increased by 165.5 billion yen compared to the end of the previous fiscal year to 3,404.5 billion yen due mainly to net profit attributable to Mitsubishi Electric Corporation stockholders of 186.0 billion yen and an increase in accumulated other comprehensive income of 103.8 billion yen, mainly reflecting the weaker yen and rise in stock prices, despite a decrease due primarily to a dividend payment of 96.9 billion yen. The stockholders’ equity ratio was 58.7%, representing a 0.7 point increase compared to the end of the previous fiscal year.
An analysis on the status of cash flow on a consolidated basis
Cash flows from operating activities for the first 9 months of fiscal 2024 were 198.9 billion yen (cash in), while cash flows from investing activities were 199.0 billion yen (cash out). As a result, free cash flow was 0.0 billion yen. Cash flows from financing activities were 22.0 billion yen (cash out), and cash and cash equivalents at the end of the period decreased by 0.2 billion yen compared to the end of the previous fiscal year to 645.6 billion yen.
Net cash provided by operating activities increased by 230.6 billion yen year-on-year due primarily to an increase in profit and a decrease in payment for inventories.
Net cash used in investing activities increased by 73.1 billion yen year-on-year due mainly to increases in purchase of investment securities and others and purchase of property, plant and equipment despite an increase in proceeds from sale of investment securities and others.
Net cash used in financing activities increased by 22.8 billion yen year-on-year due primarily to an increase in purchase of treasury stock and a decrease in proceeds of short-term borrowings, despite an increase in the proceeds of bonds and long-term borrowings.
Forecast for Fiscal 2024
The consolidated earnings forecast for fiscal 2024, ending March 31, 2024, is unchanged from the announcement on April 28, 2023 as stated below.
Current consolidated forecast for fiscal 2024
Revenue: 5,200.0 billion yen (4% increase year-on-year) Operating profit: 330.0 billion yen (26% increase year-on-year) Profit before income taxes: Net profit attributable to Mitsubishi Electric Corp. 355.0 billion yen (22% increase year-on-year) stockholders: 260.0 billion yen (22% increase year-on-year) Exchange rates for this forecast in the fourth quarter are 145 yen to the U.S. dollar (5 yen weaker than the previous forecast), 155 yen to the euro (5 yen weaker than the previous forecast) and 20.0 yen to the Chinese yuan (unchanged from the previous forecast).
Original – Mitsubishi Electric
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Bourns, Inc. announced it has signed Fruition as the company’s new full line distributor in China. Fruition is known for having a wide variety of components experience and Bourns selected the company for its reputation for excellent technical and customer support.
“Because of the increase in product demand for designs in China, we sought to expand our strategic sales channel. Fruition gives Bourns the product line expertise to support our growing customer base in the region. I am confident in the Fruition team’s technical knowledge and commitment to superior customer service will help us meet our sales goals in China,” said James Harrington and Senior Vice President of Worldwide Sales at Bourns.
“On behalf of the Fruition organization, it is a privilege to represent Bourns’ broad line of advanced electronic components in China. Bourns’ innovative technologies are ideal for the vehicle, industrial and consumer markets we serve. Further cementing our strong customer relationships, we look forward to giving them local support for the Bourns solutions they need for their next-generation application designs,” said Ethan Tang, Fruition CEO.
Original – Bourns
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The National Science Foundation has given a $300,000 grant to Xiaoqing Song, an assistant professor in the Electrical Engineering and Computer Science Department, to support his research project focused on advancing high density and high-operation-temperature traction inverters. Song’s project explores the integration of gallium oxide packaged power modules to enhance the power density and temperature range of electric vehicles.
Collaborating with the National Renewable Energy Laboratory, the project sets out to innovate power module packaging, establish reliable strategies for gallium oxide power devices and demonstrate the capabilities of a high density, high temperature traction inverter.
“By eliminating technical barriers for gallium oxide device integration, this project will foster the development of next-generation, high density and high-operation-temperature power converters,” Song said.
The traction inverter, responsible for converting stored direct current (DC) power into alternating current (AC) power to drive electric motors, stands to benefit significantly from gallium oxide technology. Song said, “Gallium oxide can make the traction inverter smaller, lighter, more efficient and capable of operating across a wider range of temperatures.
“Gallium oxide has a larger band gap energy compared to conventional silicon and wide band gap semiconductors. It enables high breakdown electrical strength, low intrinsic carrier concentration and correspondingly high operation temperatures,” Song said.
One challenge addressed in the project is the low thermal conductivity of gallium oxide, which hinders efficient heat removal. Song outlines the plan to develop advanced power module packaging techniques that enable low thermal resistance, low parasitic inductances and high-temperature operation capability.
“National Renewable Energy Laboratory (NREL) has significant experience in power module simulation, fabrication and characterization, as well as world-class experimental and lab capabilities for evaluating and designing efficient and reliable power electronics systems. The PI will collaborate with them to design and develop a gallium oxide-based high density and operation-temperature traction inverter for automotive applications. This project will help establish a long-term partnership with NREL that can catalyze further research and development of ultra-wide bandgap power semiconductor devices,” Song said.
Song shared that the collaboration with the National Renewable Energy Laboratory aims to design and develop a gallium oxide-based high density and high-operation-temperature traction inverter for automotive applications, fostering a long-term partnership that can drive further research in ultra-wide bandgap power semiconductor devices.
“Other applications include power grids, data centers, renewable energy, space and defense, etc.,” Song added.
The success of the project, he believes, will provide valuable insights into gallium oxide device modeling, packaging, gate driving, protection and application in power converters. These advancements are expected to catalyze progress in transport electrification and the deployment of gallium oxide technology in challenging environments.
“The research achievements and experiences gained in the fellowship will sustain and promote the PI’s future multi-disciplinary research activities in semiconductor devices, multiphysics analysis, power module packaging and high performance power electronics. Other broader impacts also include the education and development of the next generation workforce in STEM (science, technology, engineering and math), the encouragement of more women and underrepresented minorities in electrical engineering, especially in the area of wide and ultra-wide bandgap semiconductor devices, power module packaging and power electronics with hands-on lab experiences,” Song said.
Original – University of Arkansas
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DENSO announced global financial results for its third quarter, ending December 31, 2023, for its 2024 fiscal year, ending March 31, 2024:
- Consolidated revenue totaled 5,354.9 billion yen (US$37.8 billion), a 15.5 percent increase from the previous year.
- Consolidated operating profit totaled 238.6 billion yen (US$1.7billion), a 11.0 percent decrease from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 175.6 billion yen(US$1.2billion), a 11.2 percent decrease from the previous year
“Revenue in the third quarter increased compared to the previous year due to the strong vehicle sales mainly in Japan and North America, foreign exchange gains and expansion of products for electrification, safety and peace of mind areas. Operating profit in the third quarter decreased compared to the previous year due to the continuing rise in the cost of materials, especially electronic components, and the adding provision for quality, though production volume, foreign exchange gains and improvement.” said Yasushi Matsui, CFO, Vice President and member of the Board of Directors of DENSO CORPORATION.
“In this fiscal year, we forecast 7,120.0 billion yen (US$50.2 billion) in revenue and 495.0 billion yen (US$3.5 billion) in operating profit. Forecast of revenue will be based on actuals of foreign exchange gains in the third quarter and forecast in the fourth quarter. Forecast of operating profit will be based on the adding provision for quality.”
In Japan, revenue increased to 3,148.3 billion yen (US$22.2 billion), up 17.0% from the previous year, and operating profit was 22.4 billion yen (US$157.6 million), down 84.8% from the previous year.In North America, revenue increased to 1,286.0 billion yen (US$9.1 billion), up 18.8% from the previous year, and operating profit was 27.5 billion yen (US$194.0 million) (Operating loss of 15.0 billion yen in the same quarter of the previous year).
In Europe, revenue increased to 570.4 billion yen (US$4.0 billion), up 16.2% from the previous year, and operating profit was 22.4 billion yen (US$157.9 million), up 145.6% from the previous year.
In Asia, revenue increased to 1,521.2 billion yen (US$10.7 billion), up 3.5% from the previous year and operating profit was 149.4 billion yen (US$1,053.6 million), up 31.6% from the previous year.
In other areas, revenue increased to 81.9 billion yen (US$0.6 billion), up 6.6% from the previous year, and operating profit was 15.1 billion yen (US$106.3 million), down 2.3% from the previous year.Forecast for Fiscal Year Ending March 31, 2024
Full-Year Forecast Changes from Previous Forecast Revenue 7,120.0 billion yen
[US$50.2 billion]+120.0 billion yen
(+1.7 percent)Operating profit 495.0 billion yen
[US$3.5 billion]-135.0 billion yen
(-21.4 percent)Profit before profit taxes 548.0 billion yen
[US$3.9 billion]-136.0 billion yen
(-19.9 percent)Profit attributable to owners of the parent company 380.0 billion yen
[US$2.7 billion]-90.0 billion yen
(-19.1 percent)ROE 8.1% -1.6% Original – DENSO
