DENSO Announces Third Quarter Financial Results

DENSO Announces Third Quarter Financial Results. KARIYA, JAPAN, Feb 2, 2024 - (JCN Newswire) - DENSO, a leading mobility supplier, today 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.

The above forecasts are created based on information obtained by the date of this announcement and the actual results may differ due to various causes in the future. U.S. dollar amounts have been translated, for convenience only, at the rate of 141.84 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market on December 29, 2023. Billion is used in the American sense of one thousand million. Foreign exchange rates of the Forecast for Fiscal Year Ending March 31, 2024, as a precondition are US$= 143.7 yen, Euro= 155.2 yen, CNY=20.0 yen.

About DENSO CORPORATION

Globally headquartered in Kariya, Japan, DENSO is a $47.9 billion leading mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in around 200 facilities worldwide to provide opportunities for rewarding careers and to produce cutting-edge electrification, powertrain, thermal and mobility electronics products, among others, that change how the world moves. In developing such solutions, the company's 165,000 global employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. DENSO spent around 9.0 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2023. For more information about DENSO's operations worldwide, visit?https://www.denso.com/global.

Source: Denso

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