Subaru Corporation today announced its consolidated financial results for the first quarter of the fiscal year ending March 31, 2024.
Results for April–June 2023: Consolidated Revenue
Global production increased 18.3% to 243,000 units, despite continued production constraints due to the semiconductor shortage.
Production in Japan rose 17.9% to 159,000 units, while production in the U.S. grew 19.1% to 84,000 units.
As a result of the production increase, global unit sales rose 20.3% to 236,000 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 29.7% to 1,082.1 billion yen.
Results for April–June 2023: Consolidated Profit and Loss
As positive factors such as sales volume growth and the effects of foreign exchange rates more than offset the negative effects of increases in raw material costs and SG&A expenses, operating profit rose 128.4% to 84.5 billion yen, profit before tax grew 200.4% to 115.4 billion yen, and profit for the period attributable to owners of parent increased 169.2% to 73.2 billion yen.
Forecast for FYE 2024
The forecast for the full fiscal year of FYE 2024 remains unchanged from the previous announcement made on May 11, 2023.
Forecast for FYE 2024 (Announced on May 11, 2023):
Revenue: 4,200 billion yen
Operating profit: 300 billion yen
Profit before tax: 300 billion yen
Profit for the period attributable to owners of parent: 210 billion yen
Currency rate assumptions: 128 yen/US$, 138 yen/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 Quarter of FYE 2024 Consolidated Financial Results