KARIYA, Japan, July 31,
2024 /PRNewswire/ -- DENSO, a leading mobility
supplier, today announced global financial results for its first
quarter, ending June 30, 2024, for
its 2025 fiscal year, ending March 31,
2025:
- Consolidated revenue totaled 1,753.8
billion yen (US$10.9 billion),
a 2.4 percent increase from the previous year.
- Consolidated operating profit totaled 120.6 billion yen (US$0.7billion), a 27.7 percent increase from the
previous year.
- Consolidated profit attributable to owners of the parent
company totaled 94.5billion yen
(US$0.6billion), a 10.5 percent
increase from the previous year.
"Revenue in the first quarter increased compared to the previous
year, due in part to slowing depreciation of the yen, though
suspensions of operations by Japanese customers and lower vehicle
production volumes due to poor vehicle sales in Asia did affect overall performance. Operating
profit in the first quarter increased compared to the previous year
due to foreign exchange gains and improvement efforts though lower
production volumes." said Yasushi
Matsui, CFO, Vice President and member of the Board of
Directors of DENSO CORPORATION. "In this fiscal year, we forecast
7,330.0 billion yen (US$45.5 billion) in revenue and 692.0 billion yen (US$4.3
billion) in operating profit. In the first quarter, due to
the idling of Japanese customers and lower vehicle production
volumes in Asia, both sales
revenue and operating profit decreased compared to the announced
forecast at the beginning of the year. And from the second quarter
onward, the impact of suspended operations by customers in
Japan is expected to be reduced,
but poor vehicle sales, especially in Asia, are expected to continue. On the other
hand, the yen is also expected to continue to depreciate. As we
navigate these uncertainties, we commit to execute our plan from
the second quarter onward announced at the beginning of the year.
Based on the above, our forecast of revenue and operating profit
reflects only the downside of the first quarter and revise
full-year financial forecast downward."
In Japan, revenue increased to
984.6illion yen (US$6.1 billion), up
0.4% from the previous year, and operating profit was 45.1 billion yen (US$280.0
million), up 81.6% from the previous year.
In North America, revenue
increased to 500.1 billion yen
(US$3.1 billion), up 17.7% from the
previous year, and operating profit was 23.3
billion yen (US$144.6 million)
up 270.2% from the previous year.
In Europe, revenue increased to
199.8 billion yen (US$1.2 billion), up 0.7% from the previous year,
and operating profit was 5.0 billion
yen (US$31.0 million), down
33.0% from the previous year.
In Asia, revenue increased to
461.4 billion yen (US$2.9 billion), down 0.6% from the previous year
and operating profit was 35.8 billion
yen (US$222.0 million), down
11.7% from the previous year.
In other areas, revenue increased to 29.0
billion yen (US$0.2 billion),
up 1.8% from the previous year, and operating profit was
5.9 billion yen (US$36.9 million), up 19.5% from the previous
year.
Forecast for Fiscal Year Ending March
31, 2025
|
Full-Year
Forecast
|
Changes from
Previous Forecast
|
Changes from
Previous FY
|
Revenue
|
7,330.0 billion
yen
[US$45.5
billion]
|
+20.0 billion
yen
(△0.3
percent)
|
+185.3 billion
yen
(+2.6
percent)
|
Operating
Profit
|
692.0 billion
yen
[US$4.3
billion]
|
+22.0 billion
yen
(△3.1
percent)
|
+311.4 billion
yen
(+81.8
percent)
|
Profit Before
Profit
Taxes
|
745.0 billion
yen
[US$4.6
billion]
|
+27.0 billion
yen
(△3.5
percent)
|
+308.8 billion
yen
(+70.8
percent)
|
Profit Attributable
to
Owners of the Parent
Company
|
525.0 billion
yen
[US$3.3
billion]
|
+1.0 billion
yen
(△0.2
percent)
|
+212.2 billion
yen
(+67.8
percent)
|
ROE
|
9.3 %
|
+0.1 %
|
+3.0 %
|
(Notes)
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 161.07 yen = US$1,
the approximate exchange rate prevailing in the Tokyo Foreign
Exchange Market on June 28, 2024.
Billion is used in the American sense of one thousand million.
Foreign exchange rates of the Forecast for Fiscal Year Ending
March 31, 2025, as a precondition are
US$= 147.7 yen, Euro= 158.2 yen, CNY=20.4
yen.
About DENSO
Globally headquartered in Kariya,
Japan, DENSO is a $47.2 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 180 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 162,000 global employees
are paving the way to a mobility future that improves lives,
eliminates traffic accidents, and preserves the environment. DENSO
spent around 7.7 percent of its global consolidated sales on
research and development in the fiscal year ending March 31, 2024. For more information about
DENSO's operations worldwide, visit www.denso.com/global.
In North America, DENSO is
headquartered in Southfield,
Michigan, and employs 27,000+ engineers, researchers, and
skilled workers across nearly 50 sites in the U.S, Canada and Mexico. In the
United States alone, DENSO employs 17,500+ employees across
14 states (and the District of
Columbia) at 41 sites. In the fiscal year ending
March 31, 2024, DENSO in North America generated $11.7 billion in consolidated sales. DENSO is
committed to advancing diversity and inclusion inside the company
and beyond – a principle that brings together unique perspectives,
bolsters innovation and pushes DENSO forward. To learn more about
DENSO operations in the region and to review current career
opportunities, please visit www.denso.com/us-ca/en/.
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