Denso’s Fiscal 2017 Profit Beat our Forecast with Moderate Volume Growth; FVE Lifted to JPY 5,100
Denso’s fiscal 2017 results ended in March were higher than our expectations, with revenue up 0.1% to JPY 4,527 billion and net profit up 5.5% to JPY 257.6 billion. Stripping out the exchange rate losses from a strong Japanese yen--the yen appreciated 10% and 10.5% against the U.S. dollar and euro, respectively--the firm’s revenue increased 7.3% from last year, boosted by respective 11.2%, 7.7%, and 9.2% sales growth in Asian, North American, and European markets. These markets accounted for 50%...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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