Toyota supplier Denso posts 48% rise in Q1 profit (updated)

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28/07/2023 04:02

(Adds details on earnings, background)
       TOKYO, July 28 (Reuters) - Japan's Denso  6902.T , a
leading supplier to Toyota  7203.T , posted a 48% rise in first
quarter profit on Friday and raised its full-year outlook,
citing a weaker yen and strong sales.
    The major manufacturer of automotive parts and chips said
operating profit totalled 94.38 billion yen ($678 million) in
the three months to end-June, versus 63.6 billion yen a year
earlier.
    That came short of the average of 145.78 billion yen in a
poll of 10 analysts. Denso also raised its full-year outlook,
saying it now expects profit to total 600 billion yen, from 510
billion yen previously.
    Denso counts Toyota Chairman Akio Toyoda as a board member,
testifying to its close ties with the world's largest automaker
by sales. About half of Denso's revenue comes from the Toyota
group, which also includes Toyota truck unit Hino Motors
 7205.T  and small-car maker Daihatsu.
    It makes systems for running gasoline engines and driving
hybrid and battery-powered vehicles. Its shares, which have
risen about 45% this year, were down some 2.6% by the close of
morning trade on Friday.
    ($1 = 133.5300 yen)

 (Reporting by Daniel Leussink; Editing by David Dolan)
 ((daniel.leussink@thomsonreuters.com; Twitter:
@danielleussink;))