Fuji Heavy hikes fiscal 3Q operating profit by 50%

Article by Christian A., on February 8, 2015

Fuji Heavy Industries Ltd. logged a 50-percent jump in operating profit in the fiscal third quarter ended Dec. 31, 2014, to JPY124.5 billion ($1.04 billion). The surge has been attributed to a JPY40.6 billion ($338.5 million) windfall gained from the depreciating yen as well as higher global sales.

The company sold 16-percent more vehicles in its third fiscal quarter to 232,100 vehicles, from 200,800 units a year prior. Fuji Heavy posted a 29-percent jump in global revenues in the period to JPY750.5 billion ($6.26 billion).

On the other hand, Fuji Heavy saw its net income for the fiscal quarter drop 5.4 percent to JPY77.3 billion yen ($644.5 million), partly because results in the year-prior were boosted by a one-time gain from the sale of Fuji Heavy’s Polaris snowmobile subsidiary.

Sales in the United States jumped 27-percent in the third fiscal quarter to 148,800 vehicles, accounting for about 64 percent of its global sales. On the other hand, its sales in Japan dropped 6 percent to 34,300 units. For the calendar year 2015, Fuji Heavy is expecting its sales in the US to surge 5 percent to 540,000 vehicles, marking for its seventh straight year of record sales.

This means that Fuji Heavy might be able to achieve its 2020 target five years in North America ahead of schedule. Subaru is targeting to sell around 600,000 vehicles in the US and Canada by the end of the decade

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