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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Subaru Corporation    7270   JP3814800003

SUBARU CORPORATION

(7270)
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Subaru : raises profit outlook on strong U.S. car sales

11/04/2020 | 05:38am EST

Subaru Corp. on Wednesday raised its profit outlook for the business year ending March thanks to stronger-than-expected car sales in the United States.

The company revised upward its net profit forecast to 80 billion yen ($760 million) and operating profit outlook to 110 billion yen for the year from the 60 billion yen and 80 billion yen, respectively, projected in August.

Subaru said it enjoyed brisk sales of its Outback sport utility vehicle in the U.S. market in the July-September quarter.

The company also upgraded its sales projection to 2.95 trillion yen from 2.90 trillion yen.

After a money-losing April-June quarter, Subaru became profitable in the quarter to September, booking a net profit of 23.71 billion yen through the first half of its business year.

Compared to the previous year, its bottom line in the six months was down 65.3 percent as a drop in auto demand mainly due to the coronavirus pandemic caused its global vehicle sales to shrink 28 percent during the period.

"Now that we have returned to profitability, we have overcome the worst," Subaru President Tomomi Nakamura said in a teleconference.

Its six-month operating profit dropped 67.7 percent to 30.61 billion yen on sales of 1.22 trillion yen, down 24.1 percent.

Meanwhile, Mitsubishi Motors Corp. said the same day it incurred a net loss of 209.88 billion yen in the six months to September, blaming slumping global sales and an asset impairment loss.

An alliance partner of Nissan Motor Co. and Renault SA of France said it logged an operating loss of 82.63 billion yen. Its first half losses compare to a net profit of 2.60 billion yen and an operating profit of 10.23 billion yen a year earlier.

Its sales tumbled 49.0 percent to 574.87 billion yen.

Mitsubishi kept its earlier earnings projection unchanged for the full year to March, expecting a net loss of 360 billion yen, an operating loss of 140 billion yen and a 34.8 percent fall in sales to 1.48 trillion yen.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SUBARU CO., LTD. 0.55% 4575 End-of-day quote.1.67%
SUBARU CORPORATION -0.10% 2043 End-of-day quote.-0.95%
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Financials
Sales 2021 2 936 B 28 275 M 28 275 M
Net income 2021 94 909 M 914 M 914 M
Net cash 2021 681 B 6 556 M 6 556 M
P/E ratio 2021 16,5x
Yield 2021 2,87%
Capitalization 1 567 B 15 095 M 15 088 M
EV / Sales 2021 0,30x
EV / Sales 2022 0,27x
Nbr of Employees 35 034
Free-Float 75,3%
Chart SUBARU CORPORATION
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Technical analysis trends SUBARU CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 2 301,25 JPY
Last Close Price 2 043,00 JPY
Spread / Highest target 46,8%
Spread / Average Target 12,6%
Spread / Lowest Target -25,1%
EPS Revisions
Managers and Directors
NameTitle
Tomomi Nakamura President, Chief Executive Officer & Director
Yasuyuki Yoshinaga Chairman
Toshiaki Okada CFO, Director, Head-Personnel & Secretariat
Takuji Dai Chief Information Officer
Kazuo Hosoya Representative Director & Vice President
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