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| Jul 26, 2007 |
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DENSO Announces First-quarter Financial Results
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-Global Consolidated Net Sales Rise 15 percent-
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KARIYA (Japan) DENSO Corporation today announced global financial results for the first quarter ended June 30, 2007:
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Consolidated net sales totaled 984.3 billion yen (US$8.0 billion), a 15 percent increase from the first quarter of last term. |
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Consolidated operating income totaled 93.3 billion yen (US$757.2 million), a 13.1 percent increase from the first quarter of last term. |
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Consolidated net income totaled 67.3 billion yen (US$546.3 million), a 15 percent increase from the first quarter of last term. |
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"Sales growth was mainly due to the increase in overseas car production for Japanese auto manufacturers", said Koji Kobayashi, senior managing director of DENSO Corporation. "In spite of high raw material costs and an increase in depreciation costs, increased production volume and foreign exchange gain led to an increase in operating income."
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In Japan, sales totaled 647.6 billion yen (US$5.3 billion), an 8.4 percent increase from the first quarter of last term. Despite a sales increase led by growing export of vehicles, rising material costs and the increase in depreciation costs associated with the tax law change in Japan, led to operating income of 52.8 billion yen (US$428.5 million), a 9.9 percent decrease from the previous year.
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In North, Central and South America, sales expansion to Toyota, Honda, General Motors and Ford led to an increase in sales to 225.2 billion yen (US$1.8 billion), a 17.1 percent increase from the first quarter of last term. Operating income increased to 14.2 billion yen (US$114.9 million), an increase of 64.9 percent from the previous year. Increased production volume and cost-reduction efforts resulted in an increase in operating income.
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In Europe, sales expansion to Ford, Fiat, OPEL and PSA raised sales to 157.1 billion yen (US$1.3 billion), a 25.7 percent increase from the first quarter of last term. Operating income doubled from 3.2 billion yen (US$25.7 million) the previous year to 6.5 billion yen (US$52.8 million), due to increased production volume and cost-reduction efforts in Hungary, Italy and Spain.
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In Asia and Oceania, sales totaled 147.3 billion yen (US$1.2 billion), a 36.1 percent increase from the first quarter of last term, thanks to the recovering Indonesian automotive market and strong production from Japanese auto manufacturers in China. Operating income increased to 18.6 billion yen (US$150.7 million), a 69.9 percent increase from the same period last term. In addition to the stabilization of China operations, increased production for diesel common rail injection systems in Thailand resulted in an increase in operating income.
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"Considering the solid production for Japanese auto manufacturers and foreign exchange market, the half-year forecast has been revised," said Kobayashi.
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No changes were made to the full-year forecast.
Forecast for Fiscal-Half Fiscal Year Ended September 30, 2007
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Half-Year Forecast
(Original) |
Half-year Forecast
(Revised) |
Changes from
Previous First-half |
| Net Sales |
1,830.0 billion yen
(US$14.8 billion) |
1,930.0 billion yen
(US$15.7 billion) |
+ 13.4 percent |
| Operating income |
140.0 billion yen
(US$1.1 billion) |
150.0 billion yen
(US$1.2 billion) |
+ 8.5 percent |
| Income before income taxes and minority interests |
149.0 billion yen
(US$1.2 billion) |
158.9 billion yen
(US$1.3 billion) |
+ 7.8 percent |
| Net Income |
95.0 billion yen
(US$770.7 million) |
100.0 billion yen
(US$811.3 million) |
+ 6.2 percent |
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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 112,000 people in 32 countries and regions, including Japan. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges in Japan. For more information, go to www.globaldenso.com.
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Notes:
U.S. dollar amounts have been translated, for convenience only, at the rate of 123.26 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market on June 30, 2007. Billion is used in the American sense of one thousand million.
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