UPDATE: Honda Swings to a Quarterly Profit

Honda Motor Co. reversed last year’s net loss of 93 billion yen in January-March with a net gain of 96 billion yen ($861 million) in the same fiscal fourth quarter in 2017.

The company’s operating profit for the period swung to 138 billion yen ($1.2 billion) from a loss of 64 billion yen last year. Revenue expanded 3% to 3.8 trillion yen ($34 billion).

Honda’s quarterly retail car sales rose 5% to 1.29 million units worldwide, thanks to a 20% jump to 502,000 units in Asia. Year-on-year sales for the period declined in North America (-4% to 471,000 vehicles), Japan (-3% to 196,000) and Europe (-7% to 51,000).

For the full fiscal year ended March 31, Honda’s operating profit grew by two-thirds to 841 billion yen ($7.5 billion), and net income surged 79% to 617 billion yen ($5.5 billion). Retail car sales for the fiscal year advanced 6% to 5.03 million units. Annual revenue fell 4% to 14 trillion yen ($12.6 billion).

Honda predicts its car sales in the fiscal year that began this month will grow 1% to 5.08 million units, and revenue will advance 1% to 14.2 trillion yen. But the company expects its operating profit will fall 16% to 705 billion yen, and net profit will shrink 14% to 530 billon yen.