Denso Reports Solid 3Q Results, Despite Strong Yen; Raising FVE to JPY 5,000 From JPY 4,940
No-moat Denso’s results for the quarter ended December were in line with our expectations, with operating profit of JPY 104.8 billion, up 10% year over year. Despite the production volume increase and sales expansion, revenue declined 0.7% year over year to JPY 1,134.6 billion, owing to appreciation of the Japanese yen. Nevertheless, on a local-currency basis, revenue thrived, up 7.4% year over year with strong organic growth outside of Japan (markets in North America, Europe, and Asia). Additio...Denso and its affiliates are mainly engaged in the manufacture and sale of automobile electronic, electrical parts, and other components. Co.'s principal business segments are powertrain control systems, electronic systems, thermal systems, information and safety systems, small motors, industrial systems and consumer products. Co.'s principal products include starters, alternators, engine management systems, components for gasoline, diesel and electric hybrid vehicles, engine ECUs, hybrid ICs, air conditioners, radiators, remote keyless entry controllers, car navigation systems, car-mounted ETC devices, motors, bar code handy scanners and industrial robots.
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