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Honda Cuts Forecast as Earnings Drop
Honda Motor Co. lowered its profit forecast 5% for the fiscal year ending March 31 after U.S. recall costs in October-December cut net earnings 15% to 137 billion yen ($1.2 billion).
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Honda Motor Co. lowered its profit forecast 5% for the fiscal year ending March 31 after U.S. recall costs in October-December cut net earnings 15% to 137 billion yen ($1.2 billion).
Quarterly revenue climbed 9% to 3.29 trillion yen ($28 billion). Operating income for the period fell 22% to 177 billion yen ($1.5 billion).
Honda now expects its full-fiscal-year profit to decline 5% to 545 billion yen ($4.6 billion), hurt by recalls involving faulty Takata Corp. airbag inflators. The company also lowered its sales forecast for the year to 4.45 million vehicles compared with 4.60 million units previously. Honda sold 4.3 million passenger vehicles in fiscal 2013-2014.
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