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Subaru’s Quarterly Revenue, Profits Jump
Subaru Corp. reports big gains in revenue and operating profit, thanks to booming demand for its all-wheel-drive vehicles in the U.S.
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Subaru Corp. reports big gains in revenue and operating profit, thanks to booming demand for its all-wheel-drive vehicles in the U.S.
Revenue climbed 16% to 833 billion yen ($7.8 billion), as unit sales expanded 9% to 263,000 units.
Subaru’s operating profit in the fiscal first quarter ended June 31 zoomed 48% to 92 billion yen ($867 million). Net profit climbed 40% to 66.6 billion yen ($628 million).
Results this year compare with a previous 12-month period marked by large recalls, production disruptions and a safety inspection scandal in Japan that cut operating and net income by 49% and 33%, respectively.
Subaru confirms earlier guidance that it expects its worldwide sales will reach 1.06 million units this year compared with 1.00 million in 2018. The company also expects revenue to grow 3% and operating profit to surge by one-third.
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