FHI Announces 1Q Financial Results
OREANDA-NEWS. Fuji Heavy Industries Ltd. (FHI), the manufacturer of Subaru automobiles, today announced its consolidated financial results for the first quarter of fiscal year ending March 31, 2017.
< April-June 2016 Results: Consolidated Net Sales >
Subaru’s consolidated global unit sales rose 8.9% to 245,000 units. Unit sales in Japan increased 11.3% to 31,000 units, as growth in passenger car sales led by the Forester and Impreza offset a decline in mini vehicle sales. Overseas unit sales grew 8.5% to 214,000 units, driven by strong sales of the Legacy, Outback, Impreza and Crosstrek*1 especially in North America.
Consolidated net sales increased 0.5% to 769.4 billion yen, with unit sales growth and foreign exchange rate losses reflected.
Consolidated net sales, global unit sales, overseas unit sales, and North America unit sales posted record results for a fiscal first quarter.*2
< April-June 2016 Results: Consolidated Profit and Loss >
Despite unit sales growth and cost reduction progress, operating income fell 24.3% to 101.5 billion yen due to foreign exchange rate losses and increased R&D and SG&A expenses. The increase in SG&A expenses was due mainly to quality-related costs associated with airbag inflators. Ordinary income decreased 8.7% to 118.8 billion yen and net income attributable to owners of parent declined 6.3% to 78.9 billion yen.
< FYE2017 Forecasts >
In view of foreign exchange rate fluctuations and quality-related expenses associated with airbag inflators, FHI revises its full-year forecasts for the current fiscal year ending March 2017. The Company now forecasts net sales of 3,190 billion yen, operating income of 400 billion yen, ordinary income of 410 billion yen, and net income attributable to owners of parent of 285 billion yen.
Currency rate assumptions: 106 yen/US$, 121 yen/euro
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