Subaru Corporation today in Tokyo announced its consolidated financial results for the first half of the Japanese fiscal year ending 31 March 2023. During April through September 2022, production constraints continued due to the global shortage of semiconductors, however global production increased 24.5% to 425,000 units as plans were “flexibly adjusted.”
Production in Japan rose 29.9% to 283,000 units, while production in the U.S. grew 15.0% to 143,000 units. As a result of increased production, global vehicle sales increased 6.2% to 399,000 units, led especially by Subaru’s key US market. Due to the effects of foreign exchange rates, the growth in vehicle sales, and other factors, consolidated revenue rose 30.5% to 1,750.9 billion yen*.
Results for April–September 2022: Consolidated Profit and Loss
Subaru said that positive factors such as the effects of foreign exchange rates and the growth in unit sales more than offset a steep rise in raw material prices and an increase in SG&A expenses. Operating profit rose 56 billion yen to 110.4-billion-yen, profit before tax grew 59.2 billion yen to 120.4 billion yen, and profit for the period attributable to owners of parent increased 33.1 billion yen to 77.9 billion yen.
Forecasts for FYE 2023
With the pricing policy and the improvements in sales mix expected to offset the steep rise in raw material prices to a certain degree and incorporating the positive effects of foreign exchange rates, the Company revises its previous forecasts for FYE 2023* (announced on 3 August 2022) as follows:
- Revenue: 3,800 billion yen (an increase of 300 billion yen from previous forecast)
- Operating profit: 300 billion yen (an increase of 100 billion yen from previous forecast)
- Profit for the period attributable to owners of parent: 210 billion yen (an increase of 70 billion yen from previous forecast)
Reflecting the results for the first half period and the upward revision of the full year forecasts, the Subaru has decided to increase its interim dividend by 10 yen per share to 38 yen per share and revised the year-end dividend forecast to 38 yen per share and the annual dividend forecast to 76 yen per share.
*The forecasts for FYE 2023 are based on exchange rate assumptions of 133 yen to the U.S. dollar and 136 yen to the euro.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
US Sales Bolster Subaru First Half Results adding 56B Yen
Subaru Corporation today in Tokyo announced its consolidated financial results for the first half of the Japanese fiscal year ending 31 March 2023. During April through September 2022, production constraints continued due to the global shortage of semiconductors, however global production increased 24.5% to 425,000 units as plans were “flexibly adjusted.”
Production in Japan rose 29.9% to 283,000 units, while production in the U.S. grew 15.0% to 143,000 units. As a result of increased production, global vehicle sales increased 6.2% to 399,000 units, led especially by Subaru’s key US market. Due to the effects of foreign exchange rates, the growth in vehicle sales, and other factors, consolidated revenue rose 30.5% to 1,750.9 billion yen*.
Results for April–September 2022: Consolidated Profit and Loss
Subaru said that positive factors such as the effects of foreign exchange rates and the growth in unit sales more than offset a steep rise in raw material prices and an increase in SG&A expenses. Operating profit rose 56 billion yen to 110.4-billion-yen, profit before tax grew 59.2 billion yen to 120.4 billion yen, and profit for the period attributable to owners of parent increased 33.1 billion yen to 77.9 billion yen.
Forecasts for FYE 2023
With the pricing policy and the improvements in sales mix expected to offset the steep rise in raw material prices to a certain degree and incorporating the positive effects of foreign exchange rates, the Company revises its previous forecasts for FYE 2023* (announced on 3 August 2022) as follows:
Reflecting the results for the first half period and the upward revision of the full year forecasts, the Subaru has decided to increase its interim dividend by 10 yen per share to 38 yen per share and revised the year-end dividend forecast to 38 yen per share and the annual dividend forecast to 76 yen per share.
*The forecasts for FYE 2023 are based on exchange rate assumptions of 133 yen to the U.S. dollar and 136 yen to the euro.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.