TOKYO (Reuters) – Denso Corp, Toyota Motor Corp’s major supplier, reported a 76% rise in second-quarter operating profit on Friday, missing analysts’ estimates.
It posted 91.8 billion yen ($626.5 million) in operating profit for the three months to end-September, versus an average 120.48 billion yen profit estimated by five analysts, according to Refinitiv data.
A year earlier, the company earned 52.1 billion yen in profit.
The company specialising in vehicle air conditioning, power trains and automated driving systems stuck to its already downgraded full-year operating profit forecast of 480 billion yen for the year ending March 31. That compares with a 211 billion yen average forecast by 21 analysts.
The revision comes after Toyota said last week its annual production plan for 9.7 million vehicles was likely to come in below it due to chips shortage.
Toyota’s announcement dampened hopes that the chip shortage would ease and allow automakers to increase production in the second half of the financial year to make up for constrained output in the first half.
($1 = 146.5200 yen)
(Reporting by Satoshi Sugiyama; Editing by Shri Navaratnam and Stephen Coates)
