Fuji Heavy sees JPY198bil net profit for fiscal year ending March 2014

Article by Anita Panait, on November 6, 2013

Fuji Heavy Industries has revised upwards its profit and revenue outlooks for the fiscal year ending March 14, 2014.  According to Fuji Heavy President Yasuyuki Yoshinaga, improved forecasts build on a more favorable yen-dollar exchange rate as well as rising demand in the United States. Fuji Heavy, the maker of Subaru vehicles, expects its sales in the US to surge for a sixth consecutive year in 2013, its fifth year of record results.

Yoshinaga said the dealers have told him that the company “can keep on going next year,” with no risk at sight. Fuji heavy is expecting a 49-percent surge in net income to JPY178.0 billion ($1.81 billion) in the fiscal year ending March 14, 2014, as well as 20-percent increase in revenue to $23.4 billion. Fuji Heavy’s previous forecast was $1.23 billion in net income and $21.18 billion in revenue.

The company also revised upward its global vehicles sales full fiscal year forecast to an 11-percent gain to 807,300 units, riding on strong demand for Subaru vehicles in the US. It had a previous sales forecast of 751,500.

The company still expects the US market – still its largest – to account for majority of sales in the fiscal year, jumping 22 percent to 434,800 units. Previous US sales expectation was 384,900 units. Fuji Heavy almost doubled its net income for the quarter ended September to $522.7 million. It also logged a 23-percent jump in quarterly revenues to $5.89 billion. [source: Subaru]

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