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| Feb 1, 2007 |
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DENSO Announces Third-quarter Financial Results
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-Global consolidated net sales rise 14.7 percent -
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TOKYO -DENSO Corporation today announced global financial results for the third quarter ended Dec. 31, 2006:
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Consolidated net sales totaled 927.9 billion yen (US$7.8 billion), a 14.7 percent increase from the previous year. |
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Operating income totaled 89.1 billion yen (US$748.0 million), a 3.3 percent increase from the previous year. |
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Income before income taxes and minority interests for the period totaled 97.6 billion yen (US$819.4 million), a 4.4 percent increase from the previous year. |
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Consolidated net income totaled 61.7 billion yen (US$518.0 million), a 9.0 percent increase from the previous year. |
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"The sales growth was due to the increase in domestic and overseas car production for Japanese auto manufacturers," said Koji Kobayashi, managing officer of DENSO Corporation. "In spite of rising raw material costs, increased production volume and cost reduction efforts led to an increase in operating income."
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In Japan, sales totaled 665.5 billion yen (US$5.6 billion), a 13.0 percent increase from the previous year. Robust domestic car production supported by growing export contributed to the increase in sales. Despite of production volume increases, operating income totaled 70.3 billion yen (US$590.2 million), a 0.4 percent decrease from the previous year, due to increases in raw material costs.
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In North, Central and South America, sales expansion to Toyota, Honda and General Motors led to an increase in sales to 185.2 billion yen (US$1.6 billion), an 8.1 percent increase from the previous year. Operating income increased to 5.6 billion yen (US$ 47.0 million), an increase of 32.0 percent. Increased production volume and cost reduction efforts absorbed the increase in raw material costs and resulted in an increase in operating income.
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In Europe, sales expansion to Toyota, Ford and General Motors raised sales to 132.5 billion yen (US$1.1 billion), a 25.6 percent increase from the previous year. Operating income increased to 3.3 billion yen (US$ 27.7 million) from 0.9 billion yen (US$ 7.6 million) in the previous year, as a result of an increase in production volume in the Czech Republic and Hungary.
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In Asia and Oceania, sales totaled 123.6 billion yen (US$1.0 billion), a 17.8 percent increase from the previous year, thanks to increased car production in China. Although production volume increased, operating income totaled 11.8 billion yen (US$99.1 million), a 1.0 percent decrease from the previous year, due to start-up costs in China.
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No changes were made to the fiscal year 2006 estimates announced on Oct. 31, 2006. Below is the forecast for fiscal year ending March 31, 2007.
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FY Forecast
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Net Sales
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3,500.0 billion yen
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Income before income taxes
and minority interests
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301.8 billion yen
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Net Income
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193.0 billion yen
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DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Worldwide, the company employs 106,000 people in 32 countries and regions, including Japan. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges in Japan.
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Notes:
U.S. dollar amounts have been translated, for convenience only, at the rate of 119.11 yen = US$1, the approximate exchange rate prevailing on Dec. 29, 2006. Billion is used in the American sense of one thousand million.
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