TOKYO — Japan's Denso, a leading supplier to Toyota, slashed its full-year operating profit forecast by 21 percent on Thursday, mainly due to less-favorable conditions in China and wider Asia, and said it would buy back some of its own shares.
The company cut its operating profit forecast for the financial year to March 31 to 550 billion yen ($3.58 billion) from 692 billion yen, missing the average estimate of 672.2 billion yen, according to 16 analysts surveyed by LSEG.