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Denso’s Quarterly Revenue, Profits Drop
Unfavorable exchange rates cut a sales gain into a revenue decline for Denso Corp. in its fiscal first quarter ended March 31.
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Unfavorable exchange rates cut a sales gain into a revenue decline for Denso Corp. in its fiscal first quarter ended March 31.
The giant supplier’s revenue dipped 1% to 1.1 trillion yen ($10.6 billion). Consolidated operating profit fell 23% to 67 billion yen ($653 million). Net income dropped 38% to 46 billion yen ($448 million).
Regional operating profits plummeted 67% to 14 billion yen ($138 million) in Japan. That shrinkage offset quarterly gains in Asia (+15% to 25 billion yen/$238 million), North America (+13% to 17 billion yen/$161 million) and Europe (+61% to 7 billion yen ($67 million).
The appreciating yen prompted Denso to lower its full-year forecast. The company trimmed its revenue forecast 3% to 4.4 trillion yen ($43 billion) and cut its operating profit outlook 10% to 284 billion yen ($2.8 billion). Denso expects a net profit of about 203 billion yen ($2 billion) this year, down 17% from its previous guidance.
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