Subaru Corporation Announces Consolidated Financial Results for FYE 2024
Tokyo, May 13, 2024 – Subaru Corporation today announced its consolidated financial results for the fiscal year ended March 31, 2024.
Results for FYE 2024: Consolidated Revenue
Despite continued parts supply constraints, particularly for semiconductors, and logistical challenges, the impact was minimized through various initiatives, including flexible adjustment of production plans. As a result, global production increased 10.9% to 970,000 units.
Production in Japan rose 4.7% to 602,000 units, while production in the U.S. grew 23.0% to 368,000 units.
As a result of the production increase, global unit sales rose 14.5% to 976,000 units, led by steady sales in the key North American market.
Consolidated revenue rose 24.6% to 4,702.9 billion yen, due to factors including the increase in sales volume and the positive impact of foreign exchange rates.
Results for FYE 2024: Consolidated Profit and Loss
As factors such as increased sales volume and the positive impact of foreign exchange rates more than offset the increase in SG&A expenses, operating profit rose 75.0% to 468.2 billion yen, profit before tax grew 91.3% to 532.6 billion yen, and profit for the period attributable to owners of parent increased 92.1% to 385.1 billion yen.
Forecast for FYE 2025
Global unit sales are projected at 980,000 units (up 0.4% y/y), with solid sales expected especially in the key U.S. market.
While SG&A expenses are expected to decrease, the Company forecasts revenue of 4,720 billion yen (up 0.4% y/y), operating profit of 400 billion yen (down 14.6% y/y), profit before tax of 420 billion yen (down 21.1% y/y), and profit for the period attributable to owners of parent of 300 billion yen (down 22.1% y/y), reflecting higher R&D expenses and sales incentives, as well as the impact of foreign exchange rates.
Forecasts for FYE 2025 are based on exchange rate assumptions of 142 yen to the U.S. dollar and 153 yen to the 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 FYE 2024 Consolidated Financial Results
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