fuji heavy industries

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Fuji Heavy’s profit up 21%, may hit target 5 years ahead of schedule

Fuji Heavy Industries may reach its sales target in North America five years before schedule as it posted a 21% increase in operating profit during the latest quarter as it benefits from favourable exchange rates and record-breaking earnings. Fuji Heavy, which makes Subaru vehicles, has plans to boost local production capacity in the market.

While announcing financial results for the fiscal year, Fuji Heavy President Yasuyuki Yoshinaga said that its global operating income jumped to 112.9 billion yen ($943.7 million) during the fiscal fourth quarter ended March 31. Earnings were boosted by a windfall gain of 41.6 billion yen ($347.7 million) from the depreciating yen.

It’s likely that operating profit would have dropped without the tailwind since just the foreign exchange gain was more than twice the amount of the climb in quarterly operating profit. Japanese exports are helped by the decline of the yen against the dollar. As a result, the yen-dominated value of dollars that are earned outside of the country rises.

Read the entire article Fuji Heavy’s profit up 21%, may hit target 5 years ahead of schedule

Fuji Heavy hikes fiscal 3Q operating profit by 50%

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.

Read the entire article Fuji Heavy hikes fiscal 3Q operating profit by 50%

Fuji Heavy places plan to build Subaru vehicles in China on hold

Fuji Heavy Industries Ltd. has suspended plans to build vehicles in China. Akira Mabuchi, executive vice president in charge of Fuji Heavy’s China project, remarked that sales in the country wouldn’t be enough to guarantee profits. He said that the carmaker would have to double its sales in China, since profits are split between the company and its probable Chinese partner.

The China government requires carmakers wanting to set up a production base in the country to form joint ventures with local auto groups. Fuji Heavy remains the only Japanese carmaker without government approval to start a joint venture.

Mabuchi, however, said that Fuji Heavy won’t commence local output even if it gains approval of the government. Likewise, auto sales in China dropped from 14 percent in 2013 to 6.9 percent in 2014. For this year, sales growth in the growth is expected to be at its slowest since 1990.

Read the entire article Fuji Heavy places plan to build Subaru vehicles in China on hold

Fuji Heavy drops plan to build the Subaru XV Crosstrek in the United States

Fuji Heavy Industries has dropped a plan to transfer output of the new XV Crosstrek to its Lafayette site in Indiana and will instead produce the SUV in Gunma, Japan, a person privy with the matter told Reuters.

The source disclosed that Fuji Heavy decided to make build the Subaru XV Crosstrek in Japan due to capacity limitations in Indiana as well as the relatively high price of the vehicle, which means that a Japan output would be better for the company.

Fuji Heavy had initially intended to produce around 65,000 XV Crosstrek annually in the United States, where it posted a 25-percent jump in sales for a record volume in the first 11 months of 2014.

Read the entire article Fuji Heavy drops plan to build the Subaru XV Crosstrek in the United States

Japanese carmakers Mazda Motor Corp. and Fuji Heavy Industries Ltd. both posted good growths for the second fiscal quarter ended September. Mazda and Subaru parent Fuji sell around 80 of their Japan-produced vehicles abroad—meaning they both benefit from the weaker yen, which renders exported products more profitable.

Fuji posted a 32-percent jump in operating profit for the quarter to JPY106.94 billion, with revenues leaping 24 percent to JPY716.85 billion. The carmakers also benefited from strong sales in the United States, which they consider as their largest market.

Subaru logged its 34th month in a row of sales gain in September, as boosted by strong demand for the Forester SUV and Legacy models, Subaru recorded a 34th straight month of sales growth in September. Subaru logged a 20-percent jump in light vehicle sales in the US to 375,485 units in the first nine months of 2014, according to the Automotive News Data Center.

Read the entire article Mazda and Fuji Heavy log gains for quarter ended September 2014

Fuji Heavy Industries Ltd. is considering a successor for the seven-seat Tribeca SUV, sparked by strong demand from its dealers in the United States. Fuji Heavy terminated output of the Tribeca in January at its Indiana site. Company spokesman Fusao Watanabe remarked that it would make sense for the Fuji Heavy to locally build a vehicle it plans to sell only in the US. Fuji Heavy is currently expanding the Indiana site’s production capacity.

The site currently has an annual production capacity, of which 100,000 is reserved for the output of the Toyota Camry. Fuji Heavy announced in May 2013 that it was planning to spend $400 million to increase the site’s annual capacity by around 100,000 vehicles by end-2016.

The company, however, received in late 2013 a notice from Toyota that it might stop output of the Camry at the Indiana site in 2017. Fuji Heavy is expected to release details of the production plan for the Indiana site on May 9, 2014, when the company unveils its mid-term plan and its earnings results for the fiscal year ended March 31, 2014.

Read the entire article Fuji Heavy mulls building a successor for Subaru Tribeca

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.

Read the entire article Fuji Heavy sees JPY198bil net profit for fiscal year ending March 2014

Fuji Heavy Industries Ltd. has revised upward its profit and sales forecasts for the full fiscal year ending March 14, 2014. Fuji Heavy, which builds Subaru cars, now expects a 49-percent hike in its net income for the fiscal year to JPY178.0 billion ($1.81 billion) from JPY119.6 billion ($1.22 billion) a year earlier.

The new profit forecast is on the back of an expected JPY2.3 trillion ($23.4 billion) in revenues in the fiscal full-year ending March 14, 2014, reflecting a 20-percent rise from JPY1.913 trillion ($19.48 biilion) in the year before.

Fuji Heavy previously expected to post JPY2.08 trillion ($21.18 billion) in revenues for the current fiscal year. The company also expects its global sales for the fiscal year to surge 11 percent 807,300 units, from 724,466 in the previous fiscal year, boosted by soaring US demand for Subaru cars. It had expected global sales of just around 751,500 units.

Read the entire article Fuji Heavy sees 49% hike in net profit for current fiscal year

Fuji Heavy Industries Ltd. posted a four-fold increase in operating profit in its first fiscal quarter ended June 30, 2013, to JPY69.64 billion ($739.6 million) compared to JPY17.33 billion ($184.05 million) a year earlier, thanks to strong sales of its Subaru unit in North America. The company logged a 28-percent jump in global revenues to JPY546.9 billion ($5.81 billion) in the quarter.

The results were the highest quarterly operating profit and revenues that Fuji Heavy has achieved in its history. Subaru recorded a 30-percent surge in sales in North America in the April-June fiscal first quarter to 116,000 units. The carmaker posted an 11-percent hike in overseas unit sales 150,000 vehicles. Subaru managed to log a 15-percent jump in worldwide sales to 191,000 vehicles.

Fuji Heavy is expecting sales in North America to gain 8 percent to 420,000 vehicles in the current fiscal year ending March 31, 2014, accounting for over half of the Subaru's global sales.

Read the entire article Fuji Heavy logs fourfold rise in operating profit in April-June