Report
Phillip Zhong
EUR 147.86 For Business Accounts Only

Denso's Volume Growth Not Enough to Offset Negative Impact of Strong Yen in First-Quarter Results

No-moat rated Denso reported first-quarter results ending June 30, 2016 with revenue down 1.2%, operating profit down 22.5%, and net income down 37.6% year on year. In fact, excluding the currency exchange loss from the yen’s appreciation, Denso’s first-quarter performance exceeded our expectations. Thanks to the strong sales growth from Europe and Asia markets, up by 12.4% and 14.5%, respectively, sales reported in local currency grew 7.8% compared with a year ago. However, operating profit exc...
Underlying
DENSO CORPORATION

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Phillip Zhong

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