Subaru Corporation today announced its consolidated financial results for the nine months ended December 31, 2023.
Results for April–December 2023: Consolidated Revenue
Global production increased 12.7% to 757,000 units due to continued initiatives in production and parts procurement.
Production in Japan rose 7.3% to 491,000 units, while production in the U.S. grew 24.3% to 266,000 units.
As a result of the production increase, global unit sales rose 15.8% to 736,000 units, led by steady sales in Subaru’s key U.S. market.
Consolidated revenue rose 24.5% to 3,496.4 billion yen, due to factors including the increase in sales volume and the positive impact of foreign exchange rates.
Results for April–December 2023: Consolidated Profit and Loss
As factors such as the increase in sales volume and the positive impact of foreign exchange rates more than offset the increases in SG&A expenses and raw material costs, operating profit rose 73.6% to 371.0 billion yen, profit before tax grew 93.5% to 416.2 billion yen, and profit for the period attributable to owners of parent increased 93.5% to 298.9 billion yen.
Forecast for FYE2024
As the positive impact of foreign exchange rates and an improvement in sales mix are expected to more than offset an increase in SG&A expenses, a decrease in sales volume, and potential parts supply constraints, the Company is revising upward its previous forecasts for FYE 2024 (announced on November 2, 2023) as follows:
－ Operating profit: 450 billion yen (an increase of 30 billion yen from the previous forecast)
－ Profit before tax: 490 billion yen (an increase of 30 billion yen from the previous forecast)
－ Profit for the period attributable to owners of parent: 340 billion yen (an increase of 20 billion yen from the previous forecast)
Forecasts for FYE2024 are based on exchange rate assumptions of 143 yen to the U.S. dollar and 154 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 First Nine Months of FYE 2024 Consolidated Financial Results
