Suzuki’s revenue beats estimate, steps up dividend, Auto Information, Automobilnews
TOKYO: Suzuki Motor posted its lowest annual working revenue in 4 years on Tuesday because the coronavirus pandemic hit demand for its vehicles, however the earnings beat estimates and the Japanese automaker raised its dividend, sending its shares surging.Revenue got here in at 215.1 billion yen ($1.99 billion) for the 12 months to March, down 34% from a 12 months in the past and its lowest for the reason that 12 months led to March 2016. Nevertheless it was larger than a median estimate of 201 billion yen revenue drawn from 15 analysts polled by Refinitiv.
Suzuki, the nation’s No. four automaker, declined to offer an earnings forecast for the present enterprise 12 months, citing uncertainties about the long run impression of the coronavirus on its operations and gross sales.
It introduced a year-end dividend of 48 yen per share, up from 37 yen a 12 months in the past, which included a particular dividend to commemorate the centenary of the corporate’s basis.Suzuki shares soared as a lot as 9% on Tuesday.The automaker bought 2.85 million automobiles globally within the 12 months to March, down 14% from a 12 months in the past.
In India, the place it sells roughly one in each two vehicles bought by means of its majority stake in Maruti Suzuki India Ltd, the automaker bought 1.44 million models, down 18% on the 12 months. India accounts for simply over half of Suzuki’s international automotive gross sales.
Suzuki has largely resumed full manufacturing of vehicles and bikes in Japan this week, whereas Maruti, India’s top-selling automotive maker, has additionally restarted home output, after a drop in demand because of the coronavirus and orders to curb actions of individuals pressured producers to close factories in March.