Gold Price Drops to Eight-Month Low as Fed Rate Hike Bets Weigh on Bullion. Source: Photo by Michael Steinberg via Pexels 
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Denso, Japan's Leading Automotive Parts Supplier, Adjusts Financial Forecast
Japan’s Denso Corporation, a primary supplier for Toyota, announced a 21% reduction in its full-year operating profit forecast on Thursday following a second-quarter performance that fell short of analyst expectations.
Revised Annual Profit Forecast
Denso adjusted its profit expectations for the fiscal year ending March 31, 2025, now anticipating an operating profit of 550 billion yen ($3.58 billion), down from its previous forecast of 692 billion yen. This new target also trails the market average estimate of 672.2 billion yen, based on a survey of 16 analysts by LSEG.
Quarterly Performance Overview
For the July-September quarter, Denso's operating profit rose 11% year-on-year, reaching 130.7 billion yen. However, this result missed the analysts' average forecast of 136.5 billion yen, compiled from seven different sources. Last year, Denso reported a profit of 117.4 billion yen during the same period, indicating growth but not enough to meet market expectations.
As of the latest exchange rates, $1=153.50 yen.
