Mobility supplier DENSO announced global financial results for its 2024 fiscal year, ending March 31, 2024.
Highlights of the financial results are as follows, according to DENSO:
- Consolidated revenue totaled 7,144.7 billion yen (US$47.2 billion), a 11.6 percent increase from the previous year.
- Consolidated operating profit totaled 380.6 billion yen (US$2.5billion), a 10.7 percent decrease from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 312.8billion yen (US$2.1billion), a 0.6 percent decrease from the previous year.
“Revenue increased compared to the previous year due to strong vehicle sales mainly in Japan and North America, foreign exchange gains and the expansion of products for electrification, safety and Peace of Mind areas. Operating profit decreased compared to the previous year due to the provision for quality, but improvement efforts were strengthened by growing production volumes and so on and there were foreign exchange gains,” said Yasushi Matsui, CFO, vice president and member of the board of directors of DENSO CORPORATION.
“In the next fiscal year, we forecast 7,350.0 billion yen (US$48.5 billion) in revenue and 714.0 billion yen (US$4.7 billion) in operating profit. Our forecast of revenue and operating profit will be based on the expansion of products within electrification, safety and Peace of Mind areas, as well as improvement efforts and agile business enhancements. We will also consider uncertainties in the external environment, such as the reduction of products and sales in Japan and China and Asia and so on. The annual dividend for the concluded fiscal year is 55 yen, a 3 yen increase from the previous announcement, and the forecast for the next fiscal year is 64 yen, a 9 yen increase from the previous year. We will continue to improve DOE levels over the long term and in a stable manner,” Matsui continued.
In Japan, revenue increased to 4166.4illion yen (US$27.5 billion), up 12.4% from the previous year, and operating profit was 85.2 billion yen (US$562.6 million), down 60.5% from the previous year.
In North America, revenue increased to 1,767.0 billion yen (US$11.7 billion), up 17.5% from the previous year, and operating profit was 54.6 billion yen (US$360.3 million) up 204.4% from the previous year.
In Europe, revenue increased to 781.3 billion yen (US$5.2 billion), up 14.0% from the previous year, and operating profit was 31.0 billion yen (US$204.8 million), up 77.6% from the previous year.
In Asia, revenue increased to 1,985.1 billion yen (US$13.1 billion), up 2.8% from the previous year and operating profit was 184.5 billion yen (US$1218.5 million), up 16.6% from the previous year.
In other areas, revenue increased to 115.2 billion yen (US$0.8 billion), up 13.8% from the previous year, and operating profit was 24.8 billion yen (US$163.7 million), up 28.7% from the previous year.
Forecast for Fiscal Year Ending March 31, 2025:
| Full-Year Forecast | Changes from Previous FY | |
|---|---|---|
| Revenue | 7,350.0 billion yen [US$48.5 billion] | +205.3 billion yen (+2.9 percent) |
| Operating profit | 714.0 billion yen [US$4.7 billion] | +333.4 billion yen (+87.6 percent) |
| Profit before profit taxes | 772.0 billion yen [US$5.1 billion] | +335.8 billion yen (+77.0 percent) |
| Profit attributable to owners of the parent company | 526.0 billion yen [US$3.5 billion] | +213.2 billion yen (+68.2 percent) |
| ROE | 9.2% | +2.9% |
