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Mazda's first-quarter profit slumps on weak sales in U.S. and China

TOKYO — Mazda reported a 79% drop in quarterly operating profit, falling significantly short of estimates, as it continues to struggle with declining U.S. and Chinese sales, while a strengthening yen also cut into its bottom line. Operating profit at JapanÂ’s No.5 automaker was 7.0 billion yen ($64 million) in the first quarter ended June, versus around 33 billion yen a year ago and less than half of an average forecast for 18.5 billion yen from analysts polled by Refinitiv. Mazda, however, reiterated its forecast for a 33% rise in operating profit to 110 billion yen in the year ending March. ThursdayÂ’s profit announcement marks MazdaÂ’s poorest first-quarter operating performance since the June 2012 quarter. The automaker has been struggling with falling demand for its cars over the past year or so, while it is also recovering from flood-related damage to its factories in Japan that led to a quarterly loss in the July quarter of 2018. The Nikkei business daily on Wednesday had reported that operating profit at the company would fall around 70% for the quarter due to lower sales in the United States. Mazda posted global sales of 353,000 units for the quarter, down 12% from a year ago. Its sales in the United States, its biggest market, fell 15% to 68,000 units, while in China, Mazda sold 54,000 vehicles, down 21% on the year. A trade war between the top two economies and slowing growth in China, the worldÂ’s biggest auto market, have prompted a broad-based sales downturn in the global auto sector. Automakers are grappling with easing demand for cars just as they must invest heavily in new technologies including electric cars, autonomous driving technologies and ride-sharing services to survive a major industry shift away from car ownership. Many of MazdaÂ’s rivals at home and abroad have been reporting disappointing quarterly results, with Nissan and Ford also announcing job cuts and possible plant closures earlier this month. The United States is a key source of revenue for Mazda, but it imports all its vehicles sold there, exposing it to a threatened hike in U.S. tariffs on imported cars from Japan. To limit its vulnerability to possible tariffs and currency fluctuations, Mazda is investing in a new plant in the U.S. state of Alabama, a joint project with Toyota.

Sell your own: 2012 Mazda CX-9 AWD

Looking to sell your car? We make it both easy and free. Quickly create listings with up to six photos and reach millions of buyers. Log in and create your free listings. If your only connection to Mazda is the MX-5 Miata, know there's more to the Hiroshima-based carmaker than "zoom" - there's also room. The 3-row CX-9 is the roomiest Mazda, 200 inches long with some 100 cubic feet of cargo space. The CX-9 wasn't Mazda's first stab at a crossover. Its original MPV was more crossover than minivan, with a RWD/AWD platform and – get this! – an available manual trans. While the MPV morphed into a more conventional minivan, Mazda introduced the CX-7, CX-9, CX-5 and – most recently – the subcompact CX-3. Although the CX-7 is no more, the crossover segment remains hot. This for-sale CX-9 is from the model's previous generation. It's also the beneficiary of the last V6, as its more upscale replacement boasts only a turbocharged four. We like both, but the V6 is relatively refined. And this car's price of $16,000 sure beats a new CX-9's $36,000. It's almost $2K above an average selling price, but with a clean Carfax and its 60K major service behind it (and some price flexibility) this CX-9 could provide some voluminous value. Related Video:

Translogic 182: CXC Motion Pro II Racing Simulator

Translogic gets some seat time in the CXC Motion Pro II to test if the high fidelity racing simulator can impact our host's real-life track times. Host Jonathon Buckley hits the track at Auto Club Speedway of California in a 2015 BMW M4 to put down a baseline lap time before his virtual training session in the Motion Pro II. After learning the lines of the track in a simulated setting, Jonathon returns to the track to put his skills to the test. "We designed it, originally, as a professional training tool for race car drivers," says CXC Simulation's founder and president Chris Considine. "Make it authentic. Make it real." The Motion Pro II boasts "thousands of cars and track models," ranging from street cars, to rally and off-road vehicles. Will this hyper realistic racing simulator help Jonathon improve his lap time? Have an RSS feed? Click here to add Translogic. Follow Translogic on Twitter and Facebook. Click here to learn more about our host, Jonathon Buckley. BMW Mazda Technology Coupe Racing Vehicles Translogic Videos Original Video