DENSO Announces Second Quarter Financial Results

DENSO announced global financial results for its second quarter, ending September 30, 2023, for its 2024 fiscal year, ending March 31, 2024:

• Consolidated revenue totaled 3,513.5 billion yen (US$23.5 billion), a 16.3 percent increase from the previous year.
• Consolidated operating profit totaled 211.8 billion yen (US$1.4 billion), a 36.3 percent increase from the previous year.
• Consolidated profit attributable to owners of the parent company totaled 168.9 billion yen
  (US$1.1billion), a 59.7 percent increase from the previous year.

“Revenue in the second 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 though decrease of Japanese, European, and American vehicle sales in China.

Operating profit in the second quarter increased compared to the previous year due to production volume, foreign exchange gains and improvement, though the continuing rise in the cost of materials, especially electronic components, and the accelerating investment for future as R&D.” said Yasushi Matsui, CFO, Vice President and member of the Board of Directors of DENSO CORPORATION.

“In this fiscal year, we forecast 7,000.0 billion yen (US$46.8 billion) in revenue and 630.0 billion yen (US$4.2 billion) in operating profit. Revenue and operating profit will be based on strong sales actuals in the first half and forecast of foreign exchange gains and sales expansions in the third quarter. The annual dividends for the end of the fiscal year will be 52 yen, a 2 yen increase from the previous announcement. This means 208 yen as pre-stock split conversion. We will continue to improve DOE levels over the long term and in a stable manner.”

In Japan, revenue increased to 2061.2 billion yen (US$13.8 billion), up 18.5% from the previous year, and operating profit was 85.2 billion yen (US$569.5 million), down 6.4% from the previous year.

In North America, revenue increased to 856.6 billion yen (US$5.7 billion), up 19.8% from the previous year, and operating profit was 14.2 billion yen (US$94.8 million) (Operating loss of 13.0 billion yen in the same quarter of the previous year).

In Europe, revenue increased to 372.8 billion yen (US$2.5 billion), up 15.8% from the previous year, and operating profit was 13.9 billion yen (US$92.8 million), up 285.0% from the previous year.

In Asia, revenue increased to 974.0 billion yen (US$6.5 billion), up 1.4% from the previous year and operating profit was 88.2 billion yen (US$589.6 million), up 30.9% from the previous year.

In other areas, revenue increased to 60.3 billion yen (US$0.4 billion), up 12.4% from the previous year, and operating profit was 11.5 billion yen (US$76.9 million), up 0.8% from the previous year.

Forecast for Fiscal Year Ending March 31, 2024

Original – DENSO