DNZOF - DENSO Announces Revision of its Financial Result Forecast
KARIYA, JAPAN, Apr 24, 2020 - (JCN Newswire) - DENSO, the world's second largest mobility supplier, today announced revised down of its financial result forecast for fiscal year 2019, ending March 31, 2020.
Due to factors such as the Reserve for warranty and the impact of the COVID-19 outbreak, Revenue, Operating profit, Profit before income taxes, net income, and Profit attributable to owners of the parent company will be revised down as described above.
The impact of the COVID-19 outbreak is the deterioration of operating efficiency due to plant shutdowns and production adjustments.
(Foreign exchange rates used for the full-year are US$=109 yen, Euro=121 yen)
(Notes)
The above forecasts are created based on the information obtained by the date of this announcement and the actual results may differ due to various causes in the future. U.S. dollar amounts have been translated, for convenience only, at the rate of 108.83 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market March 31, 2020. Billion is used in the American sense of one thousand million.
About Denso
DENSO is a $48.3 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 221 facilities in 35 countries to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 170,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.3% of its global consolidated sales on research and development in the fiscal year ending March 31, 2019. For more information about global DENSO, visit https://www.denso.com/global.
Source: Denso
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