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Honda Posts Sales, Profit Gains
Honda Motor Co. reports hefty gains in sales and earnings for its fiscal first quarter ended June 30.
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Honda Motor Co. reports hefty gains in sales and earnings for its fiscal first quarter ended June 30.
The company’s units sales rose 3% to 1.3 million vehicles, including an 8% jump to 518,000 units in North America. Revenue for the quarter climbed 8% to 4 trillion yen ($35.8 billion).
Consolidated net profit surged 18% to 244 billion yen ($2.2 billion). Pretax earnings expanded 7% to 358 billion yen ($3.2 billion)
Honda notes that its gains came in spite of unfavorable exchange rates, higher commodity prices and continuing disruption to production in Mexico.
The company expects its full-fiscal-year car sales will reach 5.29 million units in the period ending April 30, 2019. The new forecast is down 90,000 units from the previous estimate but up from last year’s 5.20 million vehicles.
Honda now expects a net profit for the 12-month period of 615 million yen ($5.5 million), up 8% from its earlier guidance but 45% below last year’s result.
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