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DENSO Announces First Quarter Financial Results

·4-min read

KARIYA, Japan, July 30, 2021 (GLOBE NEWSWIRE) -- DENSO, a leading mobility supplier, today announced its global financial results for its first quarter, ending June 30, 2021, for its 2022 fiscal year, ending March 31, 2022:

  • 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).

Forecast for Fiscal Year Ending March 31, 2022

Full-Year Forecast

Changes from Previous FY

Revenue

5,540.0 billion yen
[US$50.1 billion]

+603.3 billion yen
(+12.2 percent)

Operating profit

440.0 billion yen
[US$4.0 billion]

+284.9 billion yen
(+183.7 percent)

Profit before income taxes

481.0 billion yen
[US$4.3 billion]

+287.2 billion yen
(+148.3 percent)

Profit attributable to owners of the parent company

336.0 billion yen
[US$3.0 billion]

210.9 billion yen
(+168.7 percent)

(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 110.58 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market on June. 30, 2021. Billion is used in the American sense of one thousand million.

Foreign exchange rates of the Forecast for Fiscal Year Ending March 31, 2022, as a precondition are US$= 106.1 yen, Euro= 126.7yen.

About DENSO Corporation

DENSO is a $44.6 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 10.0 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2021. For more information about global DENSO, visit https://www.denso.com/global

Contact: Natsumi Suzuki
DENSO CORPORATION
Phone: 81-566-55-9752
Fax: 81-566-25-4509
denso-pr@jp.denso.com


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