Mazda Motor Corp.
shares rose sharply Friday morning after the Japanese auto maker boosted its full-year earnings guidance following strong quarterly results on higher shipment and selling prices.
The shares were recently 8.6% higher at 1,101 yen after rising as much as 13% earlier.
Mazda said after Thursday’s market close that net profit surged to Y70.86 billion ($502.7 million) for the quarter ended Sept. 30 from Y12.48 billion a year earlier.
The company said positive effects from higher selling prices, more shipment and a weaker yen more than offset higher costs of raw materials. Second-quarter revenue rose 48% to Y1.025 trillion.
Mazda shipped 284,000 vehicles in its second quarter, up 29% from a year earlier.
Mazda raised its revenue and net profit forecasts for the year ending March, citing higher selling prices, a weaker yen and cost cuts.
Mazda said it expects revenue to rise 25% to Y3.900 trillion and net profit to increase 59% to Y130.00 billion.