Mazda sees 30% FY profit drop on strong yen, weak sales in US, China
Mazda
MazdaMotor Corpcut its annualprofitforecast by nearly half on Friday as the Japanese automaker expects astrongyenand falling carssalesin the United States andChina, its biggest markets, to drive earnings to a seven-year low.
Japan's fifth-largest automaker expects to post $555.4 millionin operatingprofitfor the year ending March, down from a prior outlook of 110 billionyen, and lower than a mean forecast of 69.5 billionyenfrom 20 analysts polled by Refinitiv.
It represents a cut of nearly30 per centfrom 82.3 billionyenprofita year ago.
The downgrade comes after operatingprofitcame in at 18.8 billionyenin the July-September quarter, above analysts' forecast of 14.4 billionyen, althoughprofitfell for the fourth straight quarter.
Quarterly operatingprofitrecovered from a 2.9 billionyenloss a year ago.
Demand forMazdavehicles, including theMazda3 sedan and the CX-5 SUV crossover, has slumped since the company posted record annualsalesof about 1.6 million vehicles in fiscal 2018.
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Mazdaposted globalsalesof 378,000 units for the quarter, down 4 per centfrom a year ago, partly due to sluggishsalesin the United States andChina.
Global automakers have been grappling with asalesslowdown, as a prolonged trade war between Washington and Beijing and slowing growth inChinahave cut demand for cars in the world's top two economies.
The slowdown comes as carmakers invest heavily in electric cars, autonomous driving technologies and ride-sharing services to survive a market shift away from car ownership.