Honda FQ3 Net Profit Declines 41%

Honda Motor Co (NYSE: HMC) reported a 41% drop in its net profit for the fiscal third quarter.

Honda's net profit fell to Y47.66 billion, from Y81.12 billion, in the year-ago quarter. However, analysts were expecting a net profit of Y69.49 billion. Its sales dropped 8.0% to Y1.943 trillion versus Y2.110 trillion. Honda's operating profit tumbled 65% to Y44.30 versus Y125.65 billion.

For the full business year ending in March, Honda now projects a net profit of Y215 billion and operating profit of Y200 billion. It expects sales of Y7.850 trillion.

Honda shares closed at $35.01 yesterday.