Subaru Corporation announced its consolidated financial results for the first half of the fiscal year ending March 31, 2024.
Results for April–September 2023: Consolidated Revenue
Global production increased 15.9% to 493,000 units as a result of continued initiatives in production and parts purchasing.
Production in Japan rose 13.2% to 320,000 units, while production in the U.S. grew 21.2% to 173,000 units.
As a result of the production increase, global unit sales rose 17.8% to 469,000 units, led by steady sales in Subaru’s key U.S. market.
Due to the increase in unit sales and other factors, consolidated revenue rose 26.4% to 2,213.5 billion yen.
Results for April–September 2023: Consolidated Profit and Loss
As sales volume growth, the effects of foreign exchange rates, and other factors more than offset the increases in raw material costs and SG&A expenses, operating profit rose 68.3% to 185.8 billion yen, profit before tax grew 88.2% to 226.5 billion yen, and profit for the period attributable to owners of parent increased 93.9% to 150.9 billion yen.
Forecast for FYE 2024
As the effects of foreign exchange rates, an improvement in sales mix, and a decline in market prices, particularly for precious metals, are expected to more than offset the increase in SG&A expenses and potential constraints in parts supply and logistics, the Company is revising its previous forecasts for FYE 2024 (announced on August 2, 2023) as follows:
– Revenue: 4,650 billion yen (an increase of 450 billion yen from the previous forecast)
– Operating profit: 420 billion yen (an increase of 120 billion yen from the previous forecast)
– Profit before tax: 460 billion yen (an increase of 160 billion yen from the previous forecast)
– Profit for the period attributable to owners of parent: 320 billion yen (an increase of 110 billion yen from the previous forecast)
Reflecting the upward revision of the full-year earnings forecast based on the first-half results, and to commemorate the 70th anniversary of the Company’s founding, the Company has decided to pay an interim dividend of 48 yen per share, consisting of 38 yen as an ordinary dividend and 10 yen as a commemorative dividend. The Company plans to pay a year-end dividend of the same amount of 48 yen, resulting in an annual dividend of 96 yen per share (76 yen ordinary dividend and 20 yen commemorative dividend).
The forecasts for FYE 2024 are based on exchange rate assumptions of 140 yen to the U.S. dollar and 150 yen to the euro.
Notes on figures in the results: Vehicle volume figures are rounded to the nearest thousand. Yen figures are rounded to the nearest hundred million.
Forward-looking statements in this document, including financial and other projections, are based on information available at the time of publication and are subject to various risks and uncertainties that could cause actual results to vary materially.
Reference for the Second Quarter of FYE 2024 Consolidated Financial Results
