Subaru Q4 and full-year 2022/23 results

Subaru's profitability was at world-beating levels in the five years to 2017/18, with double-digit operating margins comfortably outperforming its domestic rivals and even Porsche in one year. Much of this period of peak performance was attributable to a doubling of sales in North America. However, the margin then slumped to an average 4.7% over the four year to March 2022 as a weaker performance connected with a mis-reporting scandal in October 2017 was made worse by the pandemic and component shortages.