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Honda Adds $363 Million Charge for Takata Airbag Recalls
Honda Motor Co. is restating its financial results for the fiscal year ended March 31 to include an additional 44.8 billion yen ($363 million) in costs related to recalls of vehicles equipped with Takata Corp. airbag inflators that could explode.
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Honda Motor Co. is restating its financial results for the fiscal year ended March 31 to include an additional 44.8 billion yen ($363 million) in costs related to recalls of vehicles equipped with Takata Corp. airbag inflators that could explode.
Honda said in April its operating profit in fiscal 2014-2015 dropped 13% to 652 billion yen ($5.3 billion). The company expects to report updated earning figures for the period later this month.
Honda is attaching the additional cost to its previous fiscal year, even though Takata didn't expand its list of potentially dangerous inflators until May. The company cites U.S. accounting rules it says would consider the charges something Honda should have anticipated.
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