Posted Tuesday, August 3, 2021 at 10:54pm
Subaru swung back to profitability in the latest quarter on the back of booming sales in the recovering U.S. market, the Japanese automaker’s traditional earnings engine.
Subaru Corp. booked operating profit of 29.5 billion yen ($269.5 million) in the fiscal first quarter ended June 30, reversing an operating loss of 15.7 billion yen ($143.4 million) the previous year.
In announcing the results Tuesday, CFO Katsuyuki Mizuma said Subaru would keep its fiscal year earnings guidance unchanged, partly because of lower sales from the global microchip shortage.
