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Denso’s Quarterly Earnings Fall 17%
Denso Corp.'s revenue climbed 3% to 1 trillion yen ($10 billion) in the fiscal first quarter ended June 30.
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Denso Corp.'s revenue climbed 3% to 1 trillion yen ($10 billion) in the fiscal first quarter ended June 30. But operating income dropped 17% to 85 billion yen ($827 million), and net income fell 20% to 69 billion yen ($669 million).
The company's sales were buoyed by rising global vehicle production. But operating results were hurt by hikes in research and product development costs.
In Japan, Denso's quarterly sales declined 3% to 634 billion yen ($6.2 billion), and operating income plunged 27% to 55 billion yen ($536 million).
In North America, quarterly sales and operating income rose 8% and 20%, respectively. In Europe, sales climbed 17% and operating income more than doubled.
The company increased its full-year sales forecast 1% to 4.1 trillion yen. It lowered its operating income guidance 7% to 350 billion yen and cut its net income estimate 14% to 248 billion yen.
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