Honda Earnings Quadruple

Honda Motor Co. netted 133 billion yen ($1.7 billion) in the fiscal first quarter ended June 30 compared to 32 billion yen ($407 million) in the same period last year.

Revenue soared 42% to 2.4 trillion yen ($31.2 billion) in the three-month period. Group auto sales climbed 60% to 999,000 units. Operating profit increased eightfold to 176 billion yen ($2.3 billion). Return on sales grew to 7.2% from 1.3%.

The improved results reflect a sales rebound from last year's depressed post-earthquake volume, which was partially offset by the stronger yen and higher incentive costs in the U.S. in the latest quarter.

Honda's operating income more than quadrupled to 82 billion yen ($1.1 billion) in North America in the April-June period as sales doubled to 450,000 vehicles. In Japan, the company swung to a 61 billion-yen ($78 million) profit in from a 46 billion-yen ($587 million) loss.

In the rest of Asia, operating earnings jumped 27% to 32 billion yen ($406 million) in the first quarter, thanks in part to a 75% sales surge to 178,900 vehicles in China. The company's loss deepened 25% to 7.6 billion yen in Europe.

Honda says it remains on track to meet its full-year goal of doubling net profit to 470 billion yen ($6 billion), hiking volume 38% to a record 4.3 million vehicles and boosting U.S. market share to as much as 11% from 9% last year.