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Subaru posts 15.7% rise in fill-year operating profit

TOKYO — Subaru on Monday posted a 15.7% rise in annual operating profit in the fiscal year that ended in March as it recovered from a raft of product recalls last year, but warned that sales of its cars would take a hit from the coronavirus outbreak. Profit rose to 210.3 billion yen ($1.96 billion) for the year just ended, from 181.7 billion yen a year earlier under international financial reporting standards. It exceeded a consensus estimate of 204.7 billion yen profit drawn from 17 analysts polled by Refinitiv. Global automakers are struggling to recover from the coronavirus, which has pummeled car sales as shelter-in-place orders in many countries clobbered car demand, while plant workers had been left unable to commute to work. Though Subaru and its rivals have begun to restart vehicle factories, anaemic demand, supply chain disruption and social distancing measures at factories are expected to limit output in the coming months. "We saw a limited impact of the coronavirus on our results for the year just ended," Chief Executive Tomomi Nakamura told a teleconference. "But although we have resumed production this month, we are only operating one shift in Japan, and the pace of U.S. output has slowed significantly ... we see many uncertainties related to the virus." As a result, the maker of the Outback and Forester SUV crossovers declined to give an earnings forecast for the current business year, while it slashed its year-end dividend for the year just ended by 61% to 28 yen per share. Some analysts believe industry-wide global auto sales could slump by a third this year and that any recovery will be slow and patchy as job losses and reduced incomes weigh on consumer spending. Subaru, which earns two-thirds of its vehicle sales from the United States, acknowledged that it may take a hit in the coming months as its biggest market struggles get the coronavirus pandemic under control. The automaker saw a 3% rise in global vehicle sales in the year to March to 1.03 million units, bouncing back from last year, when a defective steering component and measures to improve inspection tests had stopped output for two weeks at its sole assembly plant in Japan. The process to restart its U.S. plants would take time, Subaru said, and it expects to produce only around 5,000 units this month, a fraction of last year's 40,000. The virus would result in a global production hit of around 150,000 units, it added.

Are you the Subaru WRX Concept for New York?

When Subaru dropped a hint about bringing an "all-new performance concept car" to the New York Auto Show this year, we immediately started hoping and praying that a conceptual iteration of the next WRX was in the offing. Looks like that might have paid off. While no official word has yet been written or uttered from Subaru, a French website called Blog Automobile has released a gallery of images that would seem to spill the beans about the WRX Concept.
If the leaked images are correct - and they look awfully complete and well done if they're not - WRX styling is taking a turn for the handsome. The sleek sedan in these images has all of the cues that we've come to expect from our rally-ready Imprezas: a dominating hood scoop and very wide stance with beefy wheels, and seems to miss only the rear wing to fit the perfect WRX stereotype. (And, yes, it should have gold wheels.)
There's no press release to be found, but the source is citing specifications as if it knows what it's talking about. We're told that 275 to 300 horsepower are the likely output of the turbocharged boxer four-cylinder engine, and that brakes with ventilated discs and six-piston calipers are there to haul the all-wheel-drive Scooby down from speed. If our earlier reporting is correct, we might expect to find an electric turbo under that imposing hood, too.

2015 Subaru WRX: July/August 2014

Literally minutes after snapping the photo you see above, I was soaked - hit by the third round of storms that brought absolutely insane rainfall to Detroit this week. Amateur mistake, right there; if it looks like rain's a-comin', it's a-comin'. So if you're going to take pictures of the car, do it before it's too late.
But the thing is, I was having way too much fun driving around the suddenly empty streets of Detroit to worry about handling my photo shoot in a timely manner. Folks had been cautioned to stay off the roads ever since the rain first hit. Floods had shut down several of our major freeways, not to mention many surface streets. The threat of more severe weather had put caution in the air, forcing folks to batten down the hatches and settle in for even more horrendously wet weather.
The long-term 2015 Subaru WRX, however, eats this stuff up with a passion. Inclement weather? The turbocharged, all-wheel-drive, endlessly grippy Subaru just wants to play. And after getting to know our WR Blue WRX since its delivery in June and solidifying my belief that it's a total riot, even around town, I was not about to ignore Rex's desires to go play in the rain and make mischief on the deserted streets. Empty on-ramp antics were great fun, and tossing the car around corners in the wet showed no signs of slip. Ever. Wet hair and a damp t-shirt? Worth it.