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Honda Cuts Outlook as Profits Rise
Honda Motor Co.'s revenue in the July-September fiscal quarter grew 4% to 3 trillion yen ($28 billion) as global auto sales advanced 2% to 1.07 million units.
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Honda Motor Co.'s revenue in the July-September fiscal quarter grew 4% to 3 trillion yen ($28 billion) as global auto sales advanced 2% to 1.07 million units.
Net income rose 18% to 142 billion yen ($1.3 billion) for the period, and consolidated pretax income climbed 9% to 180 billion yen ($1.7 billion).
But consolidated operating income fell 4% to 164 billion yen ($1.5 billion). Results were dragged down by a 14% drop in North America caused by costly sales incentives and weak demand.
Honda lowered its guidance for the current fiscal year ending March 31. It now expects to sell 4.6 million vehicles, up from 4.3 million in the previous 12-month period but down from its earlier estimate of 4.8 million units.
The company trimmed its net revenue forecast 0.4% to 12.75 trillion yen and lowered its net income outlook 6% to 565 billion yen. The company left its operating income target unchanged at 770 billion yen.
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