UPDATE: Honda Posts Higher Q1 Earnings

Honda Motor Co

reported a 20% gain in its first-quarter earnings. Honda's quarterly net income surged to Y146.5 billion (USD 1,445 million), versus a year-ago profit of Y122.50 billion. Its basic net income per share rose to Y81.29 (USD 0.80), from Y67.97. Its operating profit climbed 7.1% y/y to 198.04 billion yen ($1.94 billion), versus analysts' estimates of 181.8 billion yen. Its sales climbed 5.4% to Y2.988 trillion. The company's unit sales in North America came in mostly unchanged versus the year-ago period, while groupwide sales in Europe rose 15%. Unit sales in Japan dropped 11% in the quarter. Honda sold 1.06 million vehicles in the quarter. In motorcycle business operations, operating income rose 3.3% to Y43.9 billion (USD 434 million), while operating income in automobile business operations gained 3.6% to Y99.8 billion (USD 985 million). For the current business year, Honda now projects net income of Y600 billion, versus its earlier forecast of Y595 billion. It expects revenue of Y12.80 trillion, versus previous forecast of Y12.75 trillion. Honda shares gained 0.54% to close at $35.18 yesterday.