DENSO Announces Second Quarter Financial Results
KARIYA (Japan) ―DENSO, a leading mobility supplier, today announced its global financial results for its second quarter, ending September 30, 2022, for its 2023 fiscal year, ending March 31, 2023:
Consolidated revenue totaled 3,020.1 billion yen (US$20.9 billion), a 16.9 percent increase from the previous year.
Consolidated operating profit totaled 155.4 billion yen (US$1.1 billion), a 2.5 percent decrease from the previous year.
Consolidated profit attributable to owners of the parent company totaled 105.8 billion yen (US$0.7 billion), a 6.1 percent decrease from the previous year.
“Revenue in the first half of our fiscal year increased compared to the previous year due to sales recovery, sales expansion and foreign exchange gains. Operating profit slightly decreased compared to the previous year due to challenging business conditions,” said Yasushi Matsui, CFO, senior executive officer and member of the Board of Directors of DENSO Corporation. “We have revised our revenue forecast for the full year based on changing foreign exchange preconditions, adjusting our revenue projection to 6,310.0 billion yen (US$43.6 billion), and we have secured our operating profit forecast from the previous announcement for the full year to 480.0 billion yen (US$3.3 billion), based on foreign exchange gains and profit improvements, though deterioration of our region mix has occurred.”.
In Japan, revenue increased to 1,738.9 billion yen (US$12.0 billion), increasing 2.9% from the previous year, and operating profit was 91.0 billion yen (US$628.6 million), a 2.4% increase from the previous year.
In North America, revenue increased to 715.0 billion yen (US$4.9 billion), up 26.6% from the previous year, and operating loss was 13.0 billion yen (US$89.6 million) (Operating profit of 2.9 billion yen in the same quarter of the previous year).
In Europe, revenue increased to 321.9 billion yen (US$2.2 billion), up 19.4% from the previous year, and operating profit was 3.6 billion yen (US$24.9 million), decreasing 7.0% from the previous year.
In Asia, revenue increased to 960.9 billion yen (US$6.6 billion), up 34.3% from the previous year and operating profit increased to 67.4 billion yen (US$465.1 million), a 17.4% increase from the previous year.
In other areas, revenue increased to 53.6 billion yen (US$0.4 billion), up 48.6% from the previous year, and operating profit increased to 11.4 billion yen (US$78.7 million), up 42.9% from the previous year.
Forecast for Fiscal Year Ending March 31, 2023
|Full-Year Forecast||Changes from Previous FY|
|Revenue|| 6,310.0 billion yen
| +794.5 billion yen
|Operating profit|| 480.0 billion yen
| +138.8 billion yen
|Profit before profit taxes|| 523.0 billion yen
| +138.2 billion yen
|Profit attributable to owners of the parent company|| 378.0 billion yen
| +114.1 billion yen
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 144.81 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market on September. 30, 2022. Billion is used in the American sense of one thousand million.
Foreign exchange rates of the Forecast for Fiscal Year Ending March 31, 2023, as a precondition are US$= 134.5 yen, Euro= 136.9 yen, CNY=19.9 yen.
About DENSO Corporation
DENSO is a $45.1 billion global 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 its 200 facilities to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company’s 168,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.0 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2022. For more information about global DENSO, visit https://www.denso.com/global