DENSO Announces First Quarter Financial Results

KARIYA, Japan, July 28, 2023 /PRNewswire/ -- DENSO, a leading mobility supplier, today announced global financial results for its first quarter, ending March 31, 2024:

• Consolidated revenue totaled 1,712.9 billion yen (US$11.8 billion), a 21.0 percent increase from the previous year.
• Consolidated operating profit totaled 94.4 billion yen (US$0.7 billion), a 48.3 percent increase from the previous year.
• Consolidated profit attributable to owners of the parent company totaled 85.5 billion yen (US$0.6 billion), a 64.7 percent increase from the previous year.

"Revenue in the first quarter increased compared to the previous year due to the easing of the semiconductor shortage, vehicle production increase, foreign exchange gains and expansion of products for electrification, safety and peace of mind areas. Operating profit in the first 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," said Yasushi Matsui, CFO, Vice President and member of the Board of Directors of DENSO CORPORATION. "In this fiscal year, we forecast 6,700.0 billion yen (US$46.2 billion) in revenue and 600.0 billion yen (US$4.1 billion) in operating profit. Revenue and operating profit will be based on strong sales actuals in the first quarter and forecast of foreign exchange gains and sales expansions in the second quarter. On September 30, 2023, as of record date, the shares of common stock owned by shareholders will be split into 4 shares per share. The annual dividend for the concluded fiscal year will be 200 yen as pre-stock split conversion. We will increase the dividend by a 5 yen in the second quarter and at the end of the fiscal year from the previous forecast. We will continue to improve DOE levels over the long term and in a stable manner."

In Japan, revenue increased to 981.1 billion yen (US$6.8 billion), up 18.9% from the previous year, and operating profit was 24.8 billion yen (US$171.3 million), down 21.8% from the previous year.

In North America, revenue increased to 424.9 billion yen (US$2.9 billion), up 26.0% from the previous year, and operating profit was 6.3 billion yen (US$43.4 million) (Operating loss of 6.6 billion yen in the same quarter of the previous year).

In Europe, revenue increased to 198.4 billion yen (US$1.4 billion), up 19.4% from the previous year, and operating profit was 7.5 billion yen (US$51.4 million) up 109.3% from the previous year.

In Asia, revenue increased to 464.3 billion yen (US$3.2 billion), up 5.1% from the previous year and operating profit was 40.5 billion yen (US$279.4 million), up 41.1% from the previous year.

In other areas, revenue increased to 28.5 billion yen (US$0.2 billion), up 10.5% from the previous year, and operating profit was 5.0 billion yen (US$34.3 million), down 16.5% from the previous year.

Forecast for Fiscal Year Ending March 31, 2024

(Notes)
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 144.99 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market on June 30, 2023. Billion is used in the American sense of one thousand million.
Foreign exchange rates of the Forecast for Fiscal Year Ending March 31, 2024, as a precondition are US$= 131.8 yen, Euro= 142.4 yen, CNY=18.8 yen.

About DENSO CORPORATION
DENSO is a $47.9 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 around 200 facilities to produce electrification, powertrain, thermal, mobility electronics, advanced devices to create jobs that directly change how the world moves. The company's around 165,000 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 around 9.0 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2023. For more information about global DENSO, visit https://www.denso.com/global

SOURCE DENSO