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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  DENSO Corporation    6902   JP3551500006

DENSO CORPORATION

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DENSO : Announces First Quarter Financial Results

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08/03/2020 | 09:05am EDT

KARIYA (Japan) DENSO, the world's second largest mobility supplier, today announced its global financial results for its first quarter, ending June 30, 2020, for its 2021 fiscal year, ending March 31, 2021: Consolidated revenue totaled 765.1 billion yen (US$7.1 billion), a 42.2 percent decrease from the previous year.

Consolidated operating profit totaled -106.6 billion yen (US$-989.6 million).

Consolidated profit attributable to owners of the parent company totaled -90.1 billion yen (US$-836.0 million).

'Revenue decreased as vehicle sales declined due to the epidemic of COVID-19 and operating loss is caused by production volume decrease. For our 2021 fiscal year, ending March 31, 2021, we forecast sales of 4.54 trillion yen and operating income of 100 billion yen.' said Yasushi Matsui, senior executive officer of DENSO Corporation.

Revenue declined significantly in all areas due to the impact of COVID-19.

In Japan, revenue decreased to 528.3 billion yen (US$4.9 billion) (Down 33.7% from the same quarter in the previous year). and an operating loss was 90.8 billion yen (US$842.4 million) (Operating income of 34 billion yen in the same quarter of the previous year).

In North America, revenue decreased to 121.8 billion yen (US$1.1 billion) (Down 61.4% from the same quarter in the previous year) and operating loss was 26.3 billion yen (US$244.3 million) (Operating income of 11.6 billion yen in the same quarter of the previous year).

In Europe, revenue decreased to 67.2 billion yen (US$623.5 million) (Down 57.7% from the same quarter in the previous year) and operating loss was 8.3 billion yen (US$76.6 million) (Operating income of 7 billion yen in the same quarter of the previous year).

In Asia, although revenue decreased to 228.2 billion yen (US$2.1 billion) (Down 30.6% from the same quarter in the previous year) and operating income decreased to 3.5 billion yen (US$32.7 million) (Down 86.0% from the same quarter in the previous year), operating income was secured because operations in China recovered earlier than in other areas and revenue increased year on year.

In other areas, revenue decreased to 2.9 billion yen (US$27.3 million) (Down 84.0% from the same quarter in the previous year) and operating income decreased to 1.3 billion yen (US$12.2 million) (Down 68.3% from the same quarter in the previous year).

'We announced our forecast which had not been decided in FY19. This forecast is based on an annual around 20% decrease in vehicle production, and our revenue is expected to decrease 12% from the previous year.' said Matsui.

About DENSO Corporation

DENSO is a $47.6 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 worldwide 202 facilities to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 170,000+ 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 9.9 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2020.

Contact:

Tel: 1800 532 4365

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials
Sales 2021 4 627 B 44 182 M 44 182 M
Net income 2021 93 085 M 889 M 889 M
Net cash 2021 248 B 2 368 M 2 368 M
P/E ratio 2021 40,6x
Yield 2021 2,84%
Capitalization 3 824 B 36 496 M 36 511 M
EV / Sales 2021 0,77x
EV / Sales 2022 0,71x
Nbr of Employees 170 932
Free-Float 56,9%
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 5 283,13 JPY
Last Close Price 4 935,00 JPY
Spread / Highest target 21,6%
Spread / Average Target 7,05%
Spread / Lowest Target -23,0%
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Managers
NameTitle
Koji Arima President, CEO & Representative Director
Yasushi Matsui CFO & Senior Head-Corporate Administration
Shoji Tsuzuki Chief Information Security Officer
Hiroyuki Wakabayashi Representative Director, CTO, VP & Head-Technology
Yasushi Yamanaka Representative Director, VP & Head-Quality
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