Aisin Seiki Co., the world's third-largest auto parts supplier, on Thursday said its net income more than quadrupled in the fiscal year that ended March 31 on a 10 percent sales rise.
But it declined to offer a forecast for the current fiscal year due to production disruptions in the wake of the March 11 earthquake in Japan.
Net income rebounded to 69.64 billion yen ($837.6 million) from $199.7 million a year earlier, when earnings were depressed by low volumes during the recession. Sales rose 10 percent to $27.15 billion.
All regions and groups were in the black, reflecting strong vehicle production volumes.
In the first half of the fiscal year, a Japanese government incentive program similar to the 2009 U.S. cash-for-clunkers program drove Japanese volumes up. Second-half volumes grew on strong exports, particularly as Toyota shrugged off the negative effects of its recall debacle in the United States.
Aisin also benefitted from strong sales in China, which helped revenues in the Asia and Others region to pass those in North America in the latest fiscal year. Operating profits in the Asia and Others region were more than four times larger than those in North America and Europe combined, but less than half those in Japan.
By region, here are Aisin's results:
North America. Aisin swung to an operating profit of $71.0 million from a loss of $33.7 million a year earlier, as sales rose 13 percent to $2.98 billion.
In addition, Aisin said its U.S. unit, Aisin Holdings of America Group, swung to an operating profit of $60.1 million from a year-earlier loss of $37.3 million, as sales rose 14 percent to $1.9 billion.
Europe. Operating income more than doubled to $34.9 million from $15.6 million, as sales rose 25 percent to $2.01 billion.
Japan. Operating income jumped 43 percent to $1.09 billion as sales rose 5 percent to $19.06 billion.
Asia and Others. Operating income rose 43 percent to $461.8 million as sales rose 32 percent to $3.1 billion.
Aisin Seiki Co. ranks No. 3 on the Automotive News list of the top 100 global suppliers with worldwide parts sales to automakers of an estimated $20.59 billion in the fiscal year that ended March 31, 2010.
It is a member of the Toyota Group, owned about 22 percent by Toyota Motor Corp. Sales to the Toyota Group made up 65 percent of its sales in the latest fiscal year. Its next-largest customer was the Volkswagen Group, including Audi, which made up 8 percent of sales.
Aisin Seiki's consolidated group companies include the Aisin AW Group, a maker of transmissions and navigation systems; Aisin Takaoka Group, which makes powertrain castings; and Advics Group, which makes brakes and brake parts.