Denso Q1 2023 revenue rose 21% year on year to JPY1,712.9bn (US$11.8bn).

That, the company said, was due to “the easing of the semiconductor shortage, vehicle production increase, foreign exchange gains and expansion of products for electrification and safety.”

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Operating profit rose 48.3% to JPY94.4bn ($0.7bn) with help from increased production, foreign exchange gains, and efficiency improvements.

Net profit soared 64.7% to JPY85.5bn ($0.6bn).

The company forecast full year revenue of JPY6,700bn ($46.2bn) and operating profit of JPY600bn ($4.1bn).

In Japan, revenue rose 18.9% to JPY981.1bn ($6.8bn).

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Operating profit declined 21.8% to Y24.8bn ($171.3m).

North America revenue was up 26% to JPY424.9bn ($2.9bn) while the operating result reversed to profit of JPY6.3bn ($43.4m) after a JPY6.6bn loss in Q1 2022.

Europe revenue rose 19.4% to JPY198.4bn and operating profit surged 109.3% to JPY7.5bn ($51.4m).

Asia revenue was JPY464.3bn ($3.2bn), up 5.1%, and operating profit was JPY40.5bn ($279.4m), up 41.1%.

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