KARIYA, Japan. ― DENSO Corp. has announced global financial results for the first to third quarters for the nine months ended Dec. 31, 2008.

Consolidated net sales totaled $28.9 billion, an 11.6 percent decrease from the previous year. Consolidated operating income totaled $935.4 million, a 68.8 percent decrease from the previous year. Consolidated net income totaled $407.5 million, an 80.7 percent decrease from the previous year.

“Sales and operating income decreased mainly due to the worldwide decline in car production and substantial currency exchange loss,” said Sadahiro Usui, managing officer of DENSO Corp.

In Japan, sales totaled $19.9 billion, a 10.2 percent decrease from the previous year. In addition to a sales decrease resulting from the slowdown in domestic car production and product exports mainly to North America and Europe, substantial currency exchange loss and rising raw materials costs led to operating income of $31.5 million, a 98.2 percent decrease from the previous year.

In North, Central and South America, a decrease in sales mainly to Toyota and the three major American automakers, resulting from a drop in car production, led to a decrease in sales to $5.2 billion, a 24.1 percent decrease from the previous year. Despite cost-reduction efforts, the lower production volumes led to operating income of $141.4 million, a 60.4 percent decrease from the previous year.

In Europe, sales totaled $4.2 billion, a 16.5 percent decrease from the previous year, mainly due to lower car production for Japanese auto manufacturers. Despite cost-reduction efforts, the decrease in production volume resulted in operating income of $84.1 million, a 55.5 percent decrease from the previous year.

In Asia and Oceania, sales totaled $4.6 billion, a 7.5 percent decrease from the previous year, and operating income totaled $625.8 million, a 9.3 percent decrease from the previous year. In spite of an increase in car production volumes for Japanese auto manufacturers in ASEAN countries and China, substantial currency exchange loss resulted in decreases in both sales and operating income.

“Considering the severe business environment, along with the additional decrease in car production from January 2009, we have revised our full-year forecasts for the fiscal year ending March 31, 2009,” said Usui.

DENSO has revised the forecast for full year net sales from $36.3 billion to $34.2 billion. Net income full year forecast. has been revised from $109.9 million to -$703.1 million.