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MET - Wall Street Breakfast: Subaru Slashes Profit Guidance
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A spate of production problems has spurred Subaru (FUJHY) to cut profit guidance for the coming year by 16%. The automaker now expects operating profit of ¥185B (about $1.68B), down from ¥220B. In the December quarter, profits had risen nearly 5% to ¥98.7B amid higher sales. After the new guidance, shares made their best intraday gain in Tokyo in a month.