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Subaru’s Income Falls 22%
Fuji Heavy Industries Ltd., the maker of Subaru cars, reports its net income dropped 22% to 85 billion yen ($823 million) in the fiscal second quarter ended Sept. 30.
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Fuji Heavy Industries Ltd., the maker of Subaru cars, reports its net income dropped 22% to 85 billion yen ($823 million) in the fiscal second quarter ended Sept. 30.
Vehicle sales climbed 8% to 266,800 units during the period. But unfavorable exchange rates contributed to a 3% drop to 808 billion yen ($7.8 billion) in repatriated revenue. The company generates two-thirds of its sales in North America.
Operating income fell 29% to 107 billion yen ($1 billion). The company blames the rising cost of U.S. sales incentives and recalls related to explosion-prone Takata Corp. airbag inflators.
Fuji Heavy lowered its guidance for the fiscal year ending March 31. The company now expects unit sales will climb 11% to 1.06 million cars. But it says its operating profit will drop 34% to 373 billion from last year’s record high 566 billion yen, and net income will sag 36% to 278 billion yen.
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