DENSO Announces First Quarter Financial Results

• Consolidated revenue totaled 1,356.9 billion yen (US$12.3 billion), a 77.3 percent increase from the previous year.

• Consolidated operating profit totaled 107.2 billion yen (US$969.3 million).

• Consolidated profit attributable to owners of the parent company totaled 89.3 billion yen (US$808.0 million).

“Revenue increased due to recovery of vehicle sales and production against COVID-19 from the previous year. Operating income increased due to higher production volume and profit improvements created by corporate reform from the previous year. ” said Yasushi Matsui, senior executive officer and member of the Board of Directors of DENSO Corporation.

“Although it is difficult to project how the business environment might change due to factors like COVID-19 and semiconductor supply, we have achieved a favorable result in our first quarter and raised our full-year forecast,” said Yasushi Matsui, senior executive officer and member of the Board of Directors of DENSO Corporation.

Revenue and operating income increased in all areas due to recovery in vehicle sales and production.

In Japan, revenue increased to 873.4 billion yen (US$7.9 billion) (Up 65.3% from the same quarter in the previous year) due to not only sales recovery but also an increase in sales for primarily Toyota Motor Corporation and an operating income was 58.2 billion yen (US$526.0 million) (Operating loss of 90.8 billion yen in the same quarter of the previous year).

In North America, revenue increased to 298.4 billion yen (US$2.7 billion) (Up 145.0% from the same quarter in the previous year) due to recovery in vehicle sales and production although there was production loss due to semiconductor shortages. Operating income was 7.3 billion yen (US$66.4 million) (Operating loss of 26.3 billion yen in the same quarter of the previous year).

In Europe, revenue increased to 152.9 billion yen (US$1.4 billion) (Up 127.6% from the same quarter in the previous year) due to recovery in vehicle sales and production although there was production loss due to semiconductor shortages, similar to North America. Operating income was 3.3 billion yen (US$29.7 million) (Operating loss of 8.2 billion yen in the same quarter of the previous year).

In Asia, revenue increased to 364.6 billion yen (US$3.3 billion) (Up 59.8% from the same quarter in the previous year) due to recovery in vehicle sales especially in other than China and operating income increased to 33.8 billion yen (US$305.2 million) (Up 859.2% from the same quarter in the previous year) significantly.

In other areas, revenue increased to 17.0 billion yen (US$153.6 million) (Up 477.1% from the same quarter in the previous year) and operating income increased to 3.2 billion yen (US$29.0 million) (Up 144.9% from the same quarter in the previous year).